If you are looking to set up a new business, perhaps because the pandemic has taken away your old means of making money, or perhaps because you want to have more freedom in your working life, you may have considered buying a franchise.
Buying a franchise can seem like the smart thing to do because you basically have a ready-made business that you can quickly set up and start building as soon as possible, but it may, in fact, not be the answer at all. Although there are undoubtedly some good things about starting a franchise, there are some negatives too.
One of the biggest downsides of starting a franchise is the fact that you don’t have total freedom over your own business. Most franchises will require you to do things in specific way, and if you deviate from their rules and regulations in even the most minor way, there will be consequences. This is fine if you’re happy with simply doing what you’re told in terms of running and marketing, ven branding your business, but if you are not, it could be a big problem.
It’s not the only problem either. Franchises can be expensive to buy, and for the same money, you could often set up your own unique business that won’t have all of the drawbacks franchises do, drawbacks you can find out more about by checking out the very informative infographic below, which should give you an idea of what being a franchise owner is really like and show you that there are better alternatives out there.
Infographic designed by: Commercial Capital Training Group