Buy an Existing Business or Buy a Franchise? Two Paths Toward Business Ownership Entrepreneurs can take more than one path toward business ownership. They can start businesses from scratch; they can also purchase existing ones. When you opt to purchase an existing company, you still have to choose - buy an existing business or buy a franchise? Let’s explore the two options. What Is a Franchise? Entrepreneurs who take the franchise path purchase franchise units from franchisors and become franchisees. The franchisee purchases licensing rights from the franchisor or a unit for a fee. Then, they become part of the franchisor’s network. Just like that, you can own a Starbucks, European Wax Center, or Popeye’s location. The most popular franchises in 2022 include: ● KFC ● 7-Eleven ● McDonald's ● Marriott International Franchising creates a win-win situation for both parties. It allows entrepreneurs to become stakeholders of their favorite brands and valuable companies. Fo...
