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Should I buy a franchise?

Franchises can be seen as a lucrative business opportunity. There are franchise opportunities in every industry from fitness franchises like Curves and Jazzercise to familiar fast food ones like Subway and Taco Bell.

When you buy a franchise, you get to be part of a larger corporation. The business plan is already defined and easy to follow. Training and support is usually provided as well. You get the benefit of being part of a national brand that consumers are familiar with. All national advertising campaigns benefit your franchise as well. For example, if you are wanting to sell burgers, it may be easier to operate as a McDonald's

franchise than to start your own fast food joint.

Franchises are not for everyone. It can be expensive just to get the right to use the name of the business. A percentage of your profits may go directly to the franchiser or other fees may be involved just to carry the name of the franchise. Franchises are subject to a lot of rules and regulations as most companies wish that all franchises are uniform in appearance and offerings. Those that are very creative and have a lot of innovative business ideas may feel stifled by a franchise agreement. There really is not much wiggle room and you may not have a choice in which services or products you sell.

Please answer the questions below to see if you should buy a franchise or not.

Do you want control over your suppliers?
Do you want control over what products and services you offer?
How much time, money and resources will you devote to marketing your business?
What kind of business plan appeals to you most?
Are you okay with paying start-up costs and royalty payments?
How much power do you need in your decision making?
Do you have many ideas on how to be better than your competition?