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Is it Time to Buy a Franchise?

Heather Legg

May 14, 2015

If you've been thinking about getting into business for yourself, you've probably thought about buying a franchise. Maybe it was a fleeting thought, or one that you're seriously considering.

 It's important to take a look at some of the pros and cons of this small business concept to see if it could be right for you.

Pros:

It's already successful

Clearly, if something is in the franchise market, it's already a successful business. You'll jump in and be working with a well-known brand and name, and the marketing and advertising plan will already be developed. Operating systems and procedures will be in place, as well, and by getting something that is already successful, well, you won't have to reinvent the wheel.

Training

Most franchise businesses provide training to owners. Whether it's corporate, on site or both, you will get training at the start and usually ongoing as well. Because the operations are set, the business will want you to run as is, so training is there for you. You'll also learn hiring techniques, software use, and daily workings of the business.

Support

You will have ongoing support, usually through corporate headquarters. In addition to training, you'll have staff to help you out with any problems you may encounter. This could be anything from operations to letting employees go to opening another franchise. It is a big plus to have someone you can turn to even when you are the boss.

Cons:

Rules

You will have to follow a set plan. You have to carry certain things, or make certain things, or run things a certain way. You'll have to use their computer systems and follow whatever protocols are in place. You may not have full say in hiring or firing or when to open and close. For some, this negates the purpose of being your own boss.

Reputation

Just as this can be a pro, it can also be a con. If the franchise begins to look bad, so will you. Many people don't realize what business are franchises, so if they have a bad experience at one, they'll never go back to any. Also, bad press on a bigger scale will affect you as well. That can be hard to recover from.

Lack of Flexibility

If you buy a restaurant franchise, and your Great Aunt Martha wants you to sell her blueberry pie, you probably won't be able to. You can't go in and paint the walls your favorite color. That may fall under rules, but it also can be stifling to those who want to let their creativity shine.

Most everything has pros and cons, it's up to you to do your research and weigh them.

As the following article looks at, you may want to look at a Consumer guide to buy a franchise to help you out with your decision.

You also want to take a look at finances, and see what share of the profit the franchise gets and what you get.

Many people like the franchise concept as much of the work is done already.

A lot of people don't because they don't consider it really running your own small business.

Take a look, consider it and see if it's right for you. Best of luck!

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