Franchising

By: A Staff Writer

Updated on: Oct 25, 2024

Be Your Own Boss…Kinda 😉

Franchises seem like a shortcut to success, but there’s a lot to consider before you buy.

• The Pros: Proven model, brand recognition, built-in support & training to reduce the risk of ‘rookie’ errors.
• The Cons: Limited flexibility (you have to follow the playbook), high upfront costs, and ongoing royalties.
• Industry Matters: Some franchises have stronger track records than others – research carefully within your niche.
• Due Diligence is KEY: Talk to existing franchisees (beyond those the brand suggests) for the real scoop.
• Is Your Personality a Fit?: Success requires following the rules, not great for those with major entrepreneurial spirit.
• Lawyer Up: Franchise agreements are complex, get expert advice to ensure you’re not signing away your future.

Franchising can be a smart path, but only if it aligns with your goals, budget, and risk tolerance.