WHAT ARE THE BENEFITS AND DRAWBACKS OF OWNING A FRANCHISE?

Owning a franchise offers both advantages and drawbacks. Benefits include a proven business model with a recognized brand, reducing the risk associated with starting a business from scratch. Franchisees receive training, operational support, and marketing assistance from the franchisor. Group purchasing power often leads to cost savings on supplies. However, franchise ownership comes with drawbacks as well. Franchisees have less autonomy, as they must adhere to the franchisor's rules and pay ongoing royalties. The initial investment can be substantial, and competition may be intense within the franchise network. Assessing your goals and resources is crucial to decide whether the benefits outweigh the drawbacks of owning a franchise.