Franchises would be at the top of any list of investments people consider a sure bet. After all, the thinking goes, an entrepreneur is buying into an existing company and opening an outlet where none exists. Surely, the money will just pour in.
Of course, it isn’t that simple. But it can work if you follow the script. And have a bit of luck.
“The nice thing about franchises is you have an entrepreneur who has a product or a service and they have proven they can be successful selling it,†said Lawrence J. Cohen, president and chief executive of Cookie Associates, which owns 27 franchise stores including Great American Cookies, Pretzelmaker and TCBY outlets. “They don’t guarantee success. But if you do it their way, your chances of success are far greater than if you do it on your own.†Read more.