There are some definite disadvantages to buying a franchise of your own. The first one is the most important one; The franchise concept that you are buying is someone else's idea. This is not the time for creativity. The franchisor has spent a lot of time, and a lot of money, to franchise the concept you are considering. You must follow their system. Their system is what makes it a franchise. Now, there can be some creativity when it comes to marketing and advertising, and maybe some other operational things, but in general, you will be required to follow the operations manual, marketing plan, and use their technology to run your business. Here are some other disadvantages;
- Upfront fees can be high
- Royalties must be paid monthly
- Territory limitations
- Concept can turn out to be a fad
- Franchisor could go out of business
There are, of course, no guarantees that investing in a franchise of your own will be a success. Market conditions, location, and your suitability for the franchise concept you choose can all factor in to your success probability. Investing in a franchise start-up, as opposed to your own idea for a product or a service start-up business, could give you a higher degree of success. But there is really no way to know, without moving forward with your decision to own your own business. We all know of someone that failed miserably in their own business, franchise of not. It happens. But if you are sick and tired of the way things are going for you, career-wise, shouldn't you at least consider business ownership?
“Joel is EXTREMELY knowledgeable and very good at what he does. He has been in this business for years (and experience in this business matters a great deal) and has a great approach to working with clients. He has definite opinions...which is very helpful because his opinions are founded on years of research, experience, and really seeing the ins and outs of the industry.”- Adrienne Leigh, Business Owner
