Small business entrepreneurship is the process of designing launching and running a new business or enterprise. A small business is generally defined as a business with fewer than 500 employees. Franchises are businesses that are owned and operated by an individual or a group of individuals but which are part of a larger company. Franchises offer many benefits to small business owners including the ability to tap into an established brand get help with marketing and advertising and receive ongoing support from the franchisor.
Small business entrepreneurship and franchises
Franchises are a popular choice for small business entrepreneurs. A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor) proprietary knowledge processes and trademarks in order to sell products or services under the business's name. Franchises are popular because they offer entrepreneurs the ability to start a business with an already established brand and customer base. Additionally franchisors often provide their franchisees with extensive training and support.
Small businesses are the lifeblood of the American economy accounting for more than half of all private sector jobs. Franchises are a subset of small businesses and while they have been around for centuries they have become increasingly popular in recent decades. Franchises offer several advantages to entrepreneurs including proven business models brand recognition and access to capital. However they also come with some challenges such as high initial investment costs and strict adherence to franchise rules. Overall franchises offer a unique opportunity for entrepreneurs to get involved in small business ownership with relative ease and flexibility.