Ten keys to a successful franchise

Owning a franchise is a perfect place to start if you’re looking for a lucrative income stream. Unlike creating a business, a franchise involves no guesswork and comes with instructions, so you do not have to reinvent the wheel. Franchises also have a success rate that far outnumbers that of independent businesses. About 97% of franchises are still in business at the end of 5–6 years, compared to just 62% of independent businesses, according to a 1999 United States Chamber of Commerce report.