While many have struggled to make ends meet during the most recent economic downturn, others have treated it as an opportunity to try out new methods of obtaining higher annual revenues. As the saying goes, necessity is the mother of invention, and many entrepreneurs are discovering methods of easing into small business ownership without substantial risk.
The Washington Post recently reported that the number of remotely-run franchise locations has gone up significantly in recent years, a fact the source attributes to the heightened financial needs of U.S. citizens. These franchisees are keeping their standard jobs while trying to kick off their new businesses, whether that means seeking out franchise loans or developing a name in the industry.
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The Small Business Administration explains that franchising is often an excellent alternative to starting a brand new business. The added support of the franchisor, as well as the often existing visibility in the market, take some of the pressure off of newcomers to business ownership.
The Post explained that this movement of part-time franchisee owners makes sense in light of the current economic landscape. In many cases, these entrepreneurs have shown their worth and reliability, and are just ensuring they can get by before jumping in wholeheartedly.
“While franchisors generally prefer to have active business owners, given the current credit environment, prospective investors who are well-capitalized because of second income streams may be more appealing candidates,” Steve Caldeira, CEO of the International Franchise Association, told the Post.