Many people dream of entrepreneurship, but starting from scratch can be a daunting task. For those not yet ready to take on a new business venture, franchising can be a viable alternative. However, it’s important for potential franchisees to understand the risks of this type of business model.

An entrepreneur who opens a franchise must be prepared to adhere to strict company rules and regulations, which may not be ideal for all entrepreneurs. They must also be able to manage the initial investment and operational costs associated with their chosen franchise. They must be comfortable with the idea of not having control over certain aspects of their business, such as branding strategies and opening hours.

They must be able to handle the stress of day-to-day operations and marketing, which are largely dictated by the parent company. They must be willing to participate in training programs and other networking activities with the wider franchise network. This can help them build relationships, share insights, and keep up to date with best practices.

Franchisors also provide comprehensive support tools, including established marketing strategies and a pre-approved budget. This enables franchisees to focus on operational excellence, with the added weight of brand recognition aiding their efforts. Moreover, the network of fellow franchisees can also offer invaluable mentorship, accelerating learning curves and sidestepping potential pitfalls. This is a key advantage that separates franchising from other types of startup businesses. In addition to these advantages, many young people are embracing the franchising model as an opportunity to work for themselves and build personal connections with their customers. For example, Edible Arrangements founder Jim Tselikis and his cousin Sabin Lomac founded their first franchise in their late 20s and early 30s, making them among the youngest entrepreneurs to launch a successful nationwide business.