Around one in three small businesses fail within a year. For franchises it is a mere one in twenty. About 40% of retail sales are accounted for by franchises. Put simply, franchising is a smart way to establish your own business.

The viability of the franchise model can be attributed to a variety of factors. Among them is the experience and expertise that some franchises can bring to the table—an advantage that cannot be leveraged when launching a new business independently. Checkers Drive in Restaurants, based in Tampa, Florida is rolling out a new prototype that reflects changes to their original restaurant model. Their plan to implement these changes in 300 corporately owned restaurants will allow them to refine the new model on the corporate level. “We want to make the mistakes before our franchisees do,” says CEO Rick Silva.

The potential for success the franchise model holds is demonstrated by the rapid growth these companies frequently experience. Yogurtland, based in Anaheim, California has rapidly grown to be the #1 self-serve yogurt brand in America, with 3,170 new stores in 4 years and expansion in major U.S. markets. Mr. Sandless, already the #1 volume wood floor refinishing company in the world, has several dozen expansions in the works this year. Mr. Sandless started offering franchises in 2006, and has already opened 264 units run from more than 135 locations.

When considering franchises, the would-be owners should remember they are being vetted. In addition to selling themselves, candidates will have to consider their financial situation. Some franchise fees are remarkably affordable but others are more significant and include the buying of various assets, and the appointment of a staff. The initial investment needs to be balanced with the potential for future earnings.

One of the joys of setting up a franchise is the variety of industries. Various new fields are turning to the franchise model, allowing small businesspeople to reach into new markets and industries that they find rewarding. Seniors Helping Seniors® in-home non-medical services help less active seniors continue to live independently in their own homes with dignity and respect, matching them with active seniors who provide them with companionship and help. Their success is being driven by both the swelling demand for senior in-home services as well as the franchise community’s desire to help. “When our franchise partners put their heads on their pillows at night they can feel very good about their day,” says Kiran Yocom, Chairwoman and Co-Founder of the Reading, Pennsylvania-based franchise.

Before committing, it is wise to discuss franchising with people who have done it themselves and have seen both successes and failures. A qualified franchise consultant can help. Buying a franchise holds all the allure of running your own business but with a support network, proven brand, and a roadmap for success. It can be a uniquely rewarding experience.