If working for a company in a more traditional role doesn’t appeal to you and starting your own business is just too daunting, perhaps buying and running a franchise may offer an alternative.
What is a franchising? A system of distribution in which semi-independent business owners pay fees and royalties to a parent company in return for the right to become identified with its trademark, sell its products and services, and use its business format and system.
There are a host of things to consider when buying a franchise. Listed below are some of the initial points to think about:
Benefits of Buying a Franchise
  • Management training and support
  • Brand name appeal
  • Standardized quality
  • National advertising
  • Financial assistance
  • Proven products and business formats
  • Centralized buying power
  • Site selection and territorial protection
  • Greater chance of success
Drawbacks of Buying a Franchise
  • Franchise fees and ongoing royalties
  • Strict adherence to standardized operations
  • Restrictions on purchasing
  • Limited product line
  • Contract terms and renewal
  • Market saturation
  • Less freedom
Right way to Buy a Franchise
  • Evaluate yourself
  • Research your market
  • Consider your options
  • Get a copy of their Uniform Franchise Offering Circular (UFOC)
  • Talk to existing franchisees
  • Ask some tough questions
  • Make your choice
If you want to learn more about Franchise as a career option, here is some resource material to kick off your research: