The entrepreneurial spirit that has fueled our nation’s growth and success is alive and well today. Many Georgia residents are filled with this spirit and one of the ways it is evidenced is by the number of people who start their own businesses. Among the many types of businesses that can be started, franchises offer individuals a unique path to business ownership. If you are considering buying a franchise, you should understand the pros and cons before making the final decision to pursue this path.
Perhaps one of the most attractive elements of a franchise for a potential buyer is the immediate brand recognition and boost to a new business that it offers. The International Franchise Association also explains that a built-in structure for training, marketing and cost savings can also benefit you. However, it is important to note that this same structure can actually be related to a limited amount of flexibility for franchisees.
As a franchisee, you naturally cede a certain amount of control over your business that you would otherwise have if you actually owned every aspect of your company. Many things will be dictated by the parent company. This may include pricing, product selection and even the location in which you may do business. Similarly, there is a potentially negative as well as positive side to brand recognition. If the corporation experiences negative press or issues, your individual business could also be impacted.
To learn more about the pros and cons of buying and operating a franchise, please feel free to visit the entrepreneur opportunities page of our Georgia business and commercial law website.