Entrepreneurs interested in pursuing business ownership but uneasy about going it alone often turn to franchising. Franchising is a proven system of distributing products or services involving a franchisor and franchisee. 

The franchisor establishes the brand’s trademark and business system. The franchisee pays a royalty and initial fee for the right to do business under the franchisor’s name and system. 

In the U.S. alone, there are more than 750,000 franchises. Franchises provide employment to more than 8 million Americans. While it’s a huge part of the workforce, it takes a lot to create a successful franchise. Many burn out before the grand opening. 

Below, we’ve detailed the five top qualities that contribute to a successful franchise. 

What are the Keys to Franchise Success?

Once you’ve understood the fundamentals of franchising, it’s time to pick which is the best fit for you. Here are some factors to consider that should drive your decision-making:

Why Franchising is a Great Choice

There’s a reason many people head to franchising when deciding to go into business ownership. Franchises have brand recognition, which often comes with a built-in customer base. They have a franchise system with a network of other franchisees. That means shoulders to lean on and experiences to learn from. In addition, there’s also support and training from a leadership team that understands your success equals their success. In general, franchises are relatively successful. Be mindful, there is no guaranteed financial prosperity, but it’s definitely the more promising route over starting from scratch. 

What Soft Skills do I Need?

It takes more than a strong franchise brand to help you create success. You have to have the skills it takes – or be willing to develop those skills – to be the right kind of good franchisee to help the franchise truly thrive. That’s where soft skills come into play.

As a good franchisee, you should be:

Consider Launch Entertainment

Launch Entertainment checks all the boxes for a successful franchise. The family entertainment center industry is projected to reach $40.81 billion by 2025. 

Franchising for nearly 10 years, Launch has been an innovating leader, completely revolutionizing the family entertainment industry. Launch offers you an incredible opportunity to engage with the community and be a part of a trusted system that is rapidly expanding. If you’d like to learn more about investing in a franchise, click here to request more info.