Franchising: The Good, The Bad, The Ugly

What is great about owning a franchise? You get to invest in a pre-made business. It?s much like owning a business that is already successful. You agree to invest in a business that already has its own service, formulas, and specifications for operations. There is inventory, policies, procedures, and even a marketing plan potentially.

As a new business owner with potentially little experience, you may not have to worry about decorating, the layout of your business, or branding.

The franchisor will provide you with training, and may even offer you a pre-assigned location. The exterior of your business may even be complete, depending on the type of franchising opportunities you invest in. You will receive in most cases ongoing support, in exchange for an ongoing fee or percentage of the sales you make. In some cases, you may have to pay a flat base fee or rent depending on the person situation. So essentially as a franchisee you are paying someone to use their concepts, strategies and their name. You are leasing a successful business, kind of like leasing a car, to make money.

The Bad, and Ugly

Now, the unfortunate side of a franchise is that you cannot develop this business into your own personal business. You cannot really change the branding. You cannot necessarily change the d?cor, the signage, the layout. You cannot necessarily change corporate policies or the method of operation. You are basically leasing a business. So if you are very much an entrepreneur, and like to do things your way, you may find this a stumbling block, and may prefer to start your own business.

But if you are a fan of turnkey operations, you may find franchising just what you need to get a new business of the ground and up and running. You can capitalize on a business?s proven success and gain a quick ROI. It?s worth investigating.

Source: http://www.marketing-make-money.com/latest-business-news/franchising-the-good-the-bad-the-ugly/

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