OK, let’s say, for the sake of discussion, that you love the idea of being your own boss. But you’re not sure you’d even make a good boss. You’ve got some concepts floating around in your head. But you just don’t know if any of them could or would be worth pursuing. In other words, you just don’t know what you just don’t know. I get it. Most every business owner could relate to that on some level. And, for some like that, a franchise business can make a lot of sense.

There are certainly some key advantages to a franchise business.

Most of the time you don’t have to have any particular industry experience to “buy” a franchise business. Because you’re actually investing into an established business. And the franchisor (the one who owns the established business) provides you the training you’ll need to succeed with your franchise. And when you jump into “owning a business” this way, it’s an opportunity to figure out if it’s the right thing for YOU.

A big advantage to a franchise business is that you’ll already have a customer base that knows your brand. That’s a huge obstacle to people who start their own businesses from scratch. An established and loyal customer base can be worth its weight in gold. Because they help you operate in the black much faster. And established brand recognition usually makes it easier to hire the best talent.

Also, if you break out into a cold sweat at the thought of all the risk involved with starting a new business, a franchise could help you cool down. Because the franchisor, for the most part, has already worked out the kinks. And you’ll simply learn what works and follow their proven process.

And that brings up another advantage.

Franchisors want you (and need you) to understand how their business works. All the nuts and bolts. So, the best ones support you all the way. And they can help you build your CEO skills probably even to the point of knowing how to open your own business. If and when you decide that’s for you.

One more advantage to a franchise business is that you might be able to “invest” into more locations. Because franchisors make more when you make more. And if you prove you’re a valuable asset with one location, they’ll most likely support you in more.

But before you dive in, consider the possible downsides.

Yeah, you knew there had to be a catch. Right? Now, don’t think of it like that. Remember, there are potent downsides to any venture. So, some of these possible disadvantages can also be true for your own ideas.

First, you have to consider possible location limitations. And market saturation in some areas. Because if there are 25 pizza joints in a city block, even an established pizza brand is gonna struggle.

Then, there are the regulations. You’ll have less control. Because, ultimately, the franchisor is the actual owner of the business. And they get to make and set the policies and procedures. So, if you don’t like the idea of being told what to do at every turn, this could be a deal breaker.

Also, your profit margins will be less. Because you’ll have to pay the franchisor their portion. It’s not as though you made a deal with the mafia. But it makes sense that they’ll want their cut for giving you the opportunity and the training.

Next, be sure you understand that there’ll be much less financial privacy. Because you have to share information with the franchisor. After all, you’re actually an extension of THEIR business. So, they need to know what’s going on in “the books.”

Some franchise business owners have gone to court with franchisors for a variety of reasons. This could come into play if you discover, after you’ve committed, that a franchisor is, shall we say, a little shady. So, be aware, as much as possible, of what you’re getting into so you can avoid the hassles.

Finally, the Big Two disadvantages.

Some franchise opportunities come with a high price tag. For example, some sources say you have to have $500,000 to open a McDonald’s franchise. And that can’t be borrowed money. Yikes! Do you have that much lying around? Plus, even if you DO comes up with the high costs, you will have little room for creativity and innovation. Nope. You’ll need to follow the tried and true process.

OK, all that being said, I don’t recommend FOR or AGAINST a franchise business. Because it’s not a one-size-fits-all solution. But I DO recommend you have a clear Vision for where (and how) you want your life to go. Because if you don’t know where you’re going, how will you know when you get there?

That’s why I wrote and published a book to help you set up and RUN your own empire. It’s based on what YOU have to offer. And it helps you to develop your Vision for your future so you KNOW what you can offer. And armed with this knowledge it could be YOU who’s the franchisor.

By the way, it’s available on Amazon.

The $115 price ($100 for the Kindle version) is a small investment when you consider how it can pay for itself over and over. In fact, if you don’t believe in yourself enough to implement the business-building strategies my high-paying, one-on-one clients have used to ramp up to six and seven figure incomes, don’t get it.

But if you DO, use this link to get yourself a copy on Amazon. I don’t guarantee your success. But I DO guarantee it can help go-getters and risk takers. Is that YOU? Then, go get it!

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