The franchise industry in Nigeria has gained international recognition as a highly attractive market. Many renowned brands from around the world are targeting Nigeria for further expansion and growth. Professional organizations are available to assist franchisees in addressing any concerns or problems they may have when starting their business. If you are planning to start a franchise business and want the freedom to choose from affordable- cost business models, the aforementioned websites can provide valuable assistance. When comparing a franchise business to starting your own business, one of the most common questions that arise is which option is better. The key advantage of a franchise business is that you enter into an already established business,
reducing the risks associated with growth and profitability. This is particularly beneficial if you lack previous business experience. On the other hand, starting your own business from scratch can be challenging, especially in the initial years. In fact, studies show that only 1% of new businesses in Nigeria have a chance of survival. Therefore, when deciding between the freedom of starting your own business or the security of a franchise business, it is important to make a well-informed decision. In conclusion, owning a franchise or starting a franchise business is an excellent way to enter the world of business. It offers the opportunity to tap into established brands and benefit from their success while minimizing risks.
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27 The Acumen
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