Owning your own business is the dream of many an entrepreneur, but with all the potential glory comes the potential to fail. In fact, according to the U.S. Bureau of Labor Statistics, about 20% of small businesses in the U.S. fail within the first year and almost 50% have closed by the fifth year.
During the pandemic, many small businesses have closed or are facing closure due to loss of business. But those that are part of a larger franchise brand may benefit from having the insulation and safety associated with a major national business. If you have ever thought about converting to a franchise business, now might be a good time to seriously consider that option.
Here are three ways converting to a franchise can help protect your business:
- As an independent business owner, your business relies on you to be involved in every aspect of it, sometimes