| When starting your own business you should carefully | | | | develop. Franchises often take care of advertising |
| evaluate if you should buy a franchise. Franchises | | | | promotions, name branding and other marketing so you |
| have complex requirements and should only be | | | | can focus on your business operations. Franchises |
| pursued if you have the time, money and inclination for | | | | often come with the air of profitability and an |
| this business line. However, a franchise should not be | | | | understanding from the consumer of expectations of |
| ruled out out-of-hand as franchises also take a lot of | | | | the company. There are fewer surprises to both the |
| the individual work out of creating a business plan, | | | | consumer and operator of a franchise, as work is set |
| marketing and brand identity. Franchise opportunities | | | | to a standard. Franchises supply manuals which walk |
| can work for those who strategically plan, understand | | | | you through what you need to create a profitable |
| the marketplace and use their location to their | | | | business as well as contacts with those who have |
| advantage. | | | | made money in the same business line. This amount of |
| Cons of using a franchise model to start your own | | | | hand-holding in operating a new business is attractive |
| business | | | | to some people and worth the costs. |
| Let's face it. When you use a franchise, you are | | | | Evaluating your business ideas and franchises |
| locking yourself into someone else's business | | | | To truly understand your desires in starting a new |
| framework. You often don't get say over the business | | | | business, you need to clearly outline what aspects of a |
| product, its looks, its marketability, sometimes even | | | | new business you enjoy and what strengths you |
| your own advertising. You are boxed in to the | | | | possess. If you enjoy developing a product line, |
| requirements of the franchise. This can be frustrating | | | | creating advertising and finding a unique product, |
| to the new business owner because often a prime | | | | ownership of a franchise may not be the best fit for |
| reason for starting your own business is to have | | | | you. However, if you like to follow a pre-existing |
| control over your work. Using a franchise can also | | | | business plan, you want to sell a product and have a |
| require a time allotment that you do not have. To | | | | company with a previous track record, and you have |
| operate a franchise, many groups require expensive | | | | a considerable cash reserve, owning a franchise may |
| training trips which take up time that you could | | | | be your best choice. Ask yourself the following |
| otherwise devote to local issues. Finally, the cost of | | | | questions:a) Do I like to follow established rules to |
| franchises can be overwhelming without start up cash | | | | achieve an objective?b) Do I need the security and |
| flow. Some franchise costs exceed $250,000. This | | | | guidance of a mentor?c) Do I have cash reserves to |
| can be out-of-reach for many looking to start their | | | | spend on a pre-existing business?d) Does purchasing |
| own business. | | | | a franchise achieve my personal goals and mesh with |
| Pros of using a franchise model to start your own | | | | my personality? |
| business | | | | If the answer to these questions is "Yes", a franchise |
| Franchises could be the right fit, though, if you would | | | | might be right for you! |
| like a business structure that you do not need to | | | | |