your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom

At this moment, thousands of aspiring entrepreneurs are wrestling with one big question -- "Should I start my own business from scratch or buy a franchise from an established company?" To tackle this issue, it might be good to start with some cold, hard facts. Statistics published by the US Department of Commerce indicate that the risk of business failure is dramatically high among do-it-yourself business owners. While 80% to 90% of start-up businesses fail in the first few years, only 10% of franchise businesses fail. A 90% success rate for franchised businesses might seem impressive, but the success rate can climb even higher in niche franchise categories, such as specialty foods and drinks.

The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and beverage ventures in their first year, and you can see why we chose a pub-style concept for our current franchise system. The customer base in pubs is more loyal because of the home-like atmosphere, and the higher beverage-to-food sales mix strengthens the bottom line in this type of concept. This is another way to further leverage the power of franchising to improve your odds of success.

These numbers have not gone unrecognized. Savvy business owners have taken notice of the franchise industry's impressive track record. As of 2001, there were more than 750,000 franchise businesses in the United States, providing nearly 10 million jobs to the US economy and generating $229 billion in annual payroll. Since the late 60’s franchising has ballooned to produce goods and services worth just under $625 billion per year. That's 4% of the private sector's output in the largest economy in the world! Other side benefits are propelling this growth as well: the American Dream of owning your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom i

nchise businesses fail. A 90% success rate for franchised businesses might seem impressive, but the success rate can climb even higher in niche franchise categories, such as specialty foods and drinks.

The Irish Pub Company, a supplier of authentic building materials for Irish pubs and related construction consulting services in the United States, reports that 99% of their 250 pubs developed since 1997 are still in business. Compare this 99% success ratio to the meager 20% success rate of all food and beverage ventures in their first year, and you can see why we chose a pub-style concept for our current franchise system. The customer base in pubs is more loyal because of the home-like atmosphere, and the higher beverage-to-food sales mix strengthens the bottom line in this type of concept. This is another way to further leverage the power of franchising to improve your odds of success.

These numbers have not gone unrecognized. Savvy business owners have taken notice of the franchise industry's impressive track record. As of 2001, there were more than 750,000 franchise businesses in the United States, providing nearly 10 million jobs to the US economy and generating $229 billion in annual payroll. Since the late 60’s franchising has ballooned to produce goods and services worth just under $625 billion per year. That's 4% of the private sector's output in the largest economy in the world! Other side benefits are propelling this growth as well: the American Dream of owning your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom

ll food and beverage ventures in their first year, and you can see why we chose a pub-style concept for our current franchise system. The customer base in pubs is more loyal because of the home-like atmosphere, and the higher beverage-to-food sales mix strengthens the bottom line in this type of concept. This is another way to further leverage the power of franchising to improve your odds of success.

These numbers have not gone unrecognized. Savvy business owners have taken notice of the franchise industry's impressive track record. As of 2001, there were more than 750,000 franchise businesses in the United States, providing nearly 10 million jobs to the US economy and generating $229 billion in annual payroll. Since the late 60’s franchising has ballooned to produce goods and services worth just under $625 billion per year. That's 4% of the private sector's output in the largest economy in the world! Other side benefits are propelling this growth as well: the American Dream of owning your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom

chise industry's impressive track record. As of 2001, there were more than 750,000 franchise businesses in the United States, providing nearly 10 million jobs to the US economy and generating $229 billion in annual payroll. Since the late 60’s franchising has ballooned to produce goods and services worth just under $625 billion per year. That's 4% of the private sector's output in the largest economy in the world! Other side benefits are propelling this growth as well: the American Dream of owning your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom

your own business, being your own boss, and leaving a “legacy” to your family are just a few of the reasons that entrepreneurs are turning to franchising.

One reason the franchise model succeeds is because its built on the expensive learning curve incurred by others. For example, during the development of the concept for The Lion and Rose Restaurant and Pubs, my wife and I traveled the globe to gather information and "pick the brains" of leaders in the pub business. We spent a small ransom in time and money on test kitchens and top culinary chefs, not to mention food costs, all to create a proven, proprietary menu. We also devoted countless hours evaluating the latest software programs to manage and simplify the back end operations. Our personal learning curve included automating an inventory system to maximize productivity and minimize errors. Additionally, we evaluated and selected the best programs to seamlessly manage the accounting, recipe files, and POS system. This type of legwork pays immediate dividends to new franchisees, who are free from the beginning to generate business. On the marketing and training side, franchising provides the use of well established trademarks and recognized logos, as well as comprehensive operations/training manuals. And it's the franchiser's responsibility to provide ongoing support and training as well.

Franchising makes sense because it typically reduces your risk as a business operator to work within an established system and brand vs. rolling the dice with a new and untested concept. Most Americans have come to rely on the consistency and perceived reliability of branded services, whether they’re fast food, janitorial services, financial advisors, tax preparers, or full service restaurants. With all of the opportunities available, the timing could not be better for those looking to get in to their own businesses through franchising.

The spirit of American entrepreneurship is alive and well, and being strengthened every day through the leveraging power of franchising. Hard work is a requisite for any new business venture. But with the proven franchise systems available today, that hard work is much more likely to pay big dividends.