Did you know that there are over 800,000 franchise locations in the United States alone? If you can think of a product or service, there’s probably a franchise for it. Hotels, haircuts, supplements and sandwiches — in every region and every industry, successful franchise opportunities are growing.
But as these opportunities grow, so does the list of challenges facing franchise marketers and franchisees. Statisticians quarrel over exact numbers but claim that somewhere between 61% and 95% of franchise locations remain open after one year. While those might seem like high success rates, they mean as many as 312,000 franchise locations in the U.S. alone might not celebrate their 1st birthday. Why do so many eager and dedicated franchisees fail?