Franchise Owners


Overview

Introduction

A franchise owner contracts with a company to sell that company's products or services. After paying an initial fee and agreeing to pay the company a certain percentage of revenue, the franchise owner can use the company's name, logo, and guidance. McDonald's, Subway, and KFC are some of the top franchised companies that have locations all across the country. Franchises, however, are not limited to the fast food industry. Today, franchises are available in a wide variety of business areas including computer service, lawn care, real ...

Quick Facts


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Median Salary

$100,930

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Employment Prospects

Good

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Minimum Education Level

High School Diploma


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Experience

Several years' business experience, especially in management


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Skills

Business Management


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Personality Traits

Enterprising

Earnings

The earnings for franchisees vary greatly, depending on such factors as the type of franchise they own, the amount of money a franchisee was able to initially invest without taking a loan, the franchise's location, and the number of franchise units the franchisee owns. Franchise owners can earn anything from $10,000 to $50,000 to $500,000. The U.S. Department of Labor reports that in May 2018 g...

Work Environment

Owning a franchise unit can be demanding, requiring work of 60 to 70 hours a week, but owners have the satisfaction of knowing that their business's success is a result of their own hard work. Some people look for franchise opportunities that are less demanding and may only require a part-time commitment.

Franchise owners who handle all the business details personally may consider this w...

Outlook

While some experts say that the success rate of franchises is very high and a great deal of money can be made with a franchise unit, others say franchising isn't as successful as starting an independent business. According to the U.S. Department of Commerce, less than 5 percent of franchised outlets have failed each year since 1971. However, when reporting figures, franchisers don't always cons...

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