Pros and cons of franchise ownership are important things to weigh when you think about changing your life and building a business.
Pros:
- Not in Business by Yourself
- Systems
- Experience
- Validation With Other Franchises
- Regulated by the Federal Trade Commission (FTC)
- Training
- Technology
- Marketing & Advertising
Cons
- Franchise Fees
- Royalty Payments
- Rules
What does this mean? For the pros, it means that you get to have a business that is regulated by a Federal Agency. Franchisors have to disclose their experience, principals, franchise owners, franchisees who have left the organization and they may even make earnings claims (in a manner acceptable to the FTC).
The cons, are especially negatives for people who don’t like rules and paying someone else for the help. But really the rules are to protect you. If all franchisees follow the same rules, then there is consistency and consistency is what people look for in a franchise. Another con can just be the idea of not having a steady pay check. (Though there are some franchises that can generate a quick cash flow if you work them properly).
For some people starting out in business, there is a lot of fear. When you work with a franchise system, you have a clear blueprint of what to do and a lot of support. This can help lessen the fear and certainly can shorten the learning curve. You also have training, product development and even marketing and advertising support. All of that can streamline your chance of success and your time to making a cash flow positive business.
If you are interested in finding out more, contact me, Mariruth Kennedy at 813 494 1729 or fill out our contact form