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Entrepreneurs are no doubt aware of the statistics concerning the failure of new businesses. However, budding business people or even corporate veterans might be able to hedge their bets by choosing an increasingly popular method of starting a business.
According to the United States Chamber of Commerce, franchises have far better success rates than non-franchised businesses. Notable franchises include Domino’s Pizza, Kentucky Fried Chicken, Super Cuts(R), and Ace Hardware.
Within five years of opening, franchises have a 97 percent success rate, and 86 percent of franchises opened were still under the same initial ownership. Conversely, 62 percent of non-franchised businesses closed within the first six years of their existence.
While the established name a franchise provides is certainly a boost, many franchise business owners cite the willingness of other franchise owners to share advice and offer support as reasons for their own success.