Franchise Resources

First Prize Franchise Resources provides information and small business tools to assist entrepreneurs with decisions involving franchise selection for those desiring to own their own business.

Why buy a franchise?

Owning a franchise allows to be your own boss and control your own destiny. There also is an increased probability that the business will succeed and provide profits in a shorter time frame than an independent business. It has been shown that franchise businesses are exponentially more likely to succeed than individual new start-ups. After seven years 91% of new franchises are still in business, as compared to only 20% of individual new start-up businesses.

Buying a franchise has become extremely popular. In fact, so popular are franchises that is has been estimated that a new franchise business opens every 8 minutes of every business day!

The International Franchise Association recently reported that franchising is responsible for 760,000 businesses, total economic output of more than$1.53 trillion, 18 million jobs, 14 percent of the private sector employment, and over $500 billion in payroll! They also reported:

93% of the franchisees say that a franchise gives them an advantage.
88% recommend a franchise over a non-franchised business.
83% are happy with their franchise.
65% would purchase the same franchise over again.
In 2005, average yearly net income for a franchisee was $91,630.
In 2005, the average net income for a single unit franchise was $76,000.
In 2005, the average net income for a multi-unit franchise was $142,000

With all the favorable franchisee statistics, success it is not automatic. You still must select the correct franchise, and in order to do so it is important that you know yourself. Know your skills, your dreams and aspirations, your likes and dislikes and your strengths and weaknesses. Find out what you are interested in and investigate various industries that interest you. In fact, most franchises that fail are the result of inadequate research of franchise opportunities and/or incompatible with the personal attributes and interests of the owner.

Buying a franchise is for those who wish to get out of the corporate world, factory job, stay at home mom and anyone wishing to have the freedom of being your own boss. At First Prize Franchise we have continually seen that once you take that first step and become an entrepreneur and owner of successful franchise, it quickly leads to buying a second and then a third business. Buying a franchise reduces your risk and provides a proven way to turn your dreams of business ownership into a reality. We have also seen that those entrepreneurs that work with a franchise consultant and utilize the resources available in a franchise opportunity selection have a higher satisfaction and success rate upon opening of their business. We welcome you to review and utilize the following resources to aid in the selection of your business opportunity.