Before you part with your hard-earned money and precious time, be sure that you are up to speed on all the good and not-so-good things about choosing to run a franchise business. The good news is that all you need to do is read on to find out more about this subject. 

Pros of running a franchise 

There are plenty of advantages to running a franchise business, including: 

Being your own boss

The first benefit of choosing a franchise business over any other kind is that you get to be your own boss. Yes, that’s right, if you buy into a franchise, you get to be the head honcho from the get-go. Something that, for many, can be very appealing, especially if they have already had a negative experience working under others. It’s even possible for those with minimal business experience to secure a franchise opportunity. Largely because of the next benefit discussed below. 

Get training 

Another of the major advantages of choosing a franchise business is the training and support that the parent company provides. Instead of having to come up with all your processes from scratch, you will be trained on their way of doing things, which has already been proven to be successful. In turn, this not only helps you have a clear path to follow when you open your business, but also helps maximise your chances of thriving as well. 

Benefit from brand recognition 

When you choose a franchise, you also get to benefit from the brand recognition the parent company has previously built up. This is a bonus that cannot be underestimated, as all that awareness and positive regard can be invaluable when it comes to making sure customers choose you. 

A great example of this is those running a McDonald’s franchise compared to an independent fast food burger joint. Since people know exactly what to expect from McDonald’s, and they see the constant ads and marketing that the parent company puts out, customers are much more likely to choose the franchise, making getting your business off the ground and sustaining it over time much easier. 

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Simpler to secure finance 

Choosing a franchise over another type of business also pays because it can be a great deal easier to get the funding you need to get things off the ground. This is because of the brand power that many franchises have, which can help convince banks to give you the loan you are looking for. Some franchises will even help you to secure a loan as part of their onboarding process. 

Cons of running a franchise 

While there are many benefits to running a franchise, it always pays to do your due diligence and make an informed decision. That is why we have covered some of the not-so-great bits about being a franchisee below. 

You pay for your privileges

First of all, it’s important to remember that parent companies do not provide you with all the benefits above, simply out of the goodness of their own heart. Instead, you will pay for those privileges usually in the form of an initial investment. However, you can be sure that what you get will be good value for money, as the better you do, the better their brand does too! 

Less agile 

One issue that doesn’t always get talked about with franchises is that they can be a less agile choice than other types of business. This is because franchises tend to have a prescriptive approach to how things should be done. In fact, this prescriptive approach is a major benefit because it allows those with little experience to be more successful by following the processes set out for them. However, it can also make it hard to pivot the business or change things quickly. 

Need to find a franchise that’s a good fit 

Another potential issue with choosing a franchise business is that you need to find a franchise opportunity that is a good fit for you. After all, there’s not much point in running a restaurant if you hate food service, or starting up a cleaning franchise if dusting and mopping make you come out in hives. Instead, be sure that you pick a franchise that interests you and that you are passionate about. It’s this passion that will get you through the hard days and help ensure your long-term success. 

Final thoughts 

While there are a few downsides to choosing a franchise business, there are many more benefits. The downsides can also be overcome pretty easily if you go in with the right expectations and choose the right type of franchise opportunity.