Small Business Franchise

Sunday, March 21, 2010

The Pros and Cons of Starting Your Own Small Business Franchise

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If you are looking for a new business venture then a small business franchise could be a great choice. However as with any type of business it does have its pros and cons so it is worth being aware of these before making any final decisions.

Not everyone is cut out to run a successful small business franchise and there are never any guarantees of success so you need to pick something that is well suited to you.

If you have never had any experience with a franchise before then you should investigate this market thoroughly first. This short article will give you some of the main pros and cons that are worth keeping in mind if you decide a small business franchise could be right for you.

Pros

• One of the great things about this type of business is that you can get started in quite a short turnaround time depending on the franchise you have chosen.

• If you have chosen a well known brand name then this can often give you a good head start since people will already know the name.

• In many cases the advertising will be run by the franchise themselves and this usually includes any promotions etc

• Being part of a good well known franchise can make finding a supplier easier since they will generally have a good reputation.

• There are often less risks when you are part of a franchise as you have the company to help support and train you.

Cons

• One of the biggest drawbacks is that you never have ultimate control over the business but instead need to comply with any rules stated by the franchise themselves. You will also need to clear any changes with the management first so it can be hard if you do not like being told how to run things.

• You will be required to give a certain amount of your sales to the franchise every month. This is fine if you are doing well but if you are struggling you could end up with a very small amount of profit at the end of the month.

• If you decide after a short time that you do not like the business you are often tied into an agreement and will need to complete this before you can leave.

It is therefore vital that you weigh up these pros and cons before you decide to enter into a small business franchise. Make sure that you are completely prepared and perhaps seek opinions from others to get a good idea of how things could work out.

But if you are seriously considering a small business franchise why not consider an online business? It might be just perfect for you.

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Labels: pros and cons franchise, small business franchise, starting business franchise