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Fear of failing is probably the biggest reason why more people do not go into business for themselves. Depending on whose statistics you choose to believe, 80% to 95% of all new business startups fail in the first 2 years. These statistics would discourage any would be business owner.

However, when you compare franchises to traditional business startups, you will discover that franchises have a much better track record. This article is the first installment in a 3 part series that covers 25 reasons why franchises are better than the traditional small business if you want to go into business for yourself.

Part 1: Reasons 1-8

1. A franchise gives you the opportunity to have increased profits, because of the buying power and identity of a chain.

2. In many cases, no experience is necessary for most franchises. The reason why the vast majority of franchisors prefer you have no experience is because you won't be bringing any bad habits or preconceived notions with you. The vast majority of franchisors assume you have no experience or knowledge about their business. Therefore, they are prepared to provide you with a training program which will give you the kind of knowledge and expertise you need. This is a tremendous advantage, since 80% to 95% of all new businesses fail within the first 2 years.

3. As a franchise owner, you are investing in a business venture in which someone else has worked out all the problems. All the testing has been done. The market, the product and the advertising program are already established. Even without previous experience, you should be able to handle most franchises with the knowledge, expertise and training the franchiser provides.

4. Another important point to consider is this: As a franchisee, you will be investing in an established total concept. You do not have to worry about filing for trademarks or patents. All this has been done. Design and marketing concepts have been tested and you can hit the ground running with a proven operational system.

5. Your business is recognizable to the general public. You do not have to worry about what equipment to buy, how much to buy, or how much space you will need to earn maximum profits. You do not have to decide on inventory requirements or what item sells best in a given area.

6. In addition to all the above, you have a much lower risk factor. Buying or investing in a franchise eliminates the vast majority of the trial and error business failures owners experience when they are developing a new concept. Your business will get off to a much faster and better start than traditional small business models.

7. You will have access to standardized policies, guidelines, procedures, formats, products and services that are used throughout the entire franchise system. Financial and accounting methods and techniques are provided, inventory control forms, hourly cash register readings, profit and loss statements; as well as all the documents you will need to establish and maintain a successful business operation.

8. You will have the additional advantage of company experts reviewing, both your financial and accounting records on a monthly basis. This helps you discover and solve problems before they impact your business. The traditional small business model does not have these built-in safeguards. Company experts can also help you monitor and manage your business even if you are thousands of miles away.