In BUYING A FRANCHISE VERSUS STARTING AN INDEPENDENT BUSINESS, attorney and franchising expert witness Kevin B. Murphy writes:
As a franchise attorney who has owned and operated a successful franchise, I can say buying a franchise represents a different approach to starting a business. Millions of people dream about owning their own business. Having the independence that being your own boss brings, the security that no one can fire you, hopefully enjoying a good income – and for the most successful – the accumulation of wealth and prosperity.
Unfortunately, the cards are stacked against a new small business making it big – or making it at all. An endless stream of problems makes competition from large, sophisticated chains just too intense. Most new start-ups end as failures.
Buying a franchise business opportunity may help level the playing field. The U.S. Department of Commerce claims a opportunity is “…the best chance to compete with giant companies that dominate the marketplace.” Some statistics are impressive: it is said over 40% of all U.S. retail sales are through franchised establishments. Giants like McDonalds, KFC, 7-Eleven, H&R Block and Radio Shack are familiar, household FDD names that people think about, and franchises are available in a wide range of industries.