Opinions expressed by Entrepreneur contributors are their own.
Franchising is an often overlooked path to entrepreneurship, but it shouldn’t be. With a five-year success rate of 85%, buying a franchise has a variety of advantages over starting an independent business, which has just a 45% chance of surviving after five years, according to the Bureau of Labor Statistics.
In buying a franchise, you get the benefits of a proven business model, brand recognition and a corporate support network, among other factors. Franchising offers stability and a clear-cut path while maintaining the fulfillment of owning a business.
Now is the right time for aspiring business owners to pursue franchising. Not only is the US franchising market expected to hit $1 trillion by 2030, but the industry currently makes up 6% of the country’s Gross Domestic Product (GDP). Newly implemented tariffs suggest that this percentage will grow, as Americans turn their spending inward.
I’ve seen the power of franchising up close. I’m the founder of 2ULaundry, a laundry delivery franchise that’s now valued at $100 million. I began franchising the retail component of the business in 2021, in part because I wanted to create more opportunities for entrepreneurship, and went on to sell 115 units of its brick-and-mortar spinoff, LaundroLab.
Through that experience, I became very attuned to who would make a great franchisee — and who would not.
Want to set yourself up for success? Here are five questions I think everyone should ask themselves before buying.
1. What’s your motivation?
Franchising can be lucrative, but it requires time and commitment. Before diving in, you should explore the layers-deep question of why franchising appeals to you, and ensure the answer aligns with the requirements for success. Do you want to be your own boss? Are you eager to scratch an entrepreneurial itch? Or are you seeking passive income, for which other investment vehicles may be a better solution? Once you clarify your “why,” you can evaluate if franchising is the right way to achieve it.
2. What’s your risk tolerance?
This is an important consideration for both deciding whether to buy a franchise and selecting which brand to pursue. Are you a trailblazer, a stability seeker or a hybrid of both? Though franchising has a more predictable path than starting a business from scratch, it’s not without risk, and you should have a good understanding of your tolerance. Are you comfortable with emerging concepts? If so, it’s worth exploring the chance to get in early with an up-and-coming brand that may give you better terms than an established one. If you prefer to optimize for stability, it’s better to look at more mature franchises with many existing units. The world of franchising is vast, and so long as you have some degree of risk tolerance, you can find a good fit for your appetite.
3. What can you afford and how?
Evaluate your financial situation and goals, then measure financing options against your risk tolerance. Looking at both upfront costs and long-term operational expenses will help narrow your scope of franchising opportunities. There are a range of financing solutions available for aspiring business owners, such as Rollovers for Business Startups (ROBS), Small Business Administration (SBA) loans and traditional bank loans. Explore the best way for you to afford franchising and make sure it aligns with the amount of risk you can handle.
4. What are your operational strengths?
Your professional experience should influence your franchise selection. If you have sales leadership experience, this could translate well in a B2B service. Those with military or operational backgrounds often succeed with technical or service-based franchises. Franchisees who tailor their business choice to their core competencies tend to ramp up faster and achieve profitability sooner.
5. How much do you care about your potential business mission and impact?
One of the main rewards LaundroLab franchisees report is the fulfillment of building high-quality facilities in lower-income neighborhoods. Franchises create jobs and can provide essential services – two factors that can be transformative in certain areas, which is an element to consider for franchisees wanting to make a community impact. That said, there are also franchisees who are laser-focused on building for profitability, which is okay too. You should think critically about how much of a ripple effect you’re interested in creating when selecting a franchise brand.
As a former franchisor, I’ve seen both successful partnerships and challenging dynamics. Success in your franchising journey begins with these five considerations of motivation, risk, affordability, experience and impact. The more self-reflection you do as you get started, the smoother your course is likely to be. Buying a franchise isn’t just about investing in a business, it’s about finding an opportunity that aligns well with your goals, values and vision for your future.
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