In the Beginning

My journey to business ownership started over two years ago. After a string of less-than-satisfying projects I grew frustrated with my career path and my employer. I started to weigh my options: suck it up, find a new employer, go to grad school, start my own business. In a list of pros and cons, options 1 and 2 got cut from the list. Option 3 was exciting since I love learning, but after a cost-benefit analysis I was less excited.

That left starting my own business. I thought I had lots of good ideas. What about a bar called "The Boardroom" that hosted game nights, had board games for groups of friends to come in and play, and served drinks like Candy Land (Peppermint Schnapps) and Bingo! (shot of Tequila)? Another idea, based on my love of weddings, was a retail store that sold everything but the dress. I could market invitations that my friend is so great at making, sell dyeable shoes that were so hard to find in a store when I was getting married, and offer services like Day-of-Coordination.

I thought these were great ideas in theory, but wasn't sure how well I would do in practice since I have no food service industry or retail industry experience. Also, starting a business is very risky!! According to a study by the U.S. Small Business Association, only 66% of small business start-ups survive the first 2 years and less than 50% make it to 4 years. I didn't like those odds.

Then I found franchising! What a great alternative for those of us wanting to own a business while minimizing risk. A study by the U.S. Chamber of Commerce found that 86% of franchises opened within the last 5 years were still under the same ownership and 97% were still open for business. I like those odds a lot better!

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