One of the worst mistakes you can make is to hurry into business, so it's important to understand your own reasons for doing it. If you don't know your own mind, you won't be able to determine whether owning a business is right for you, nor will you be able to determine whether you'd be best suited to starting a business, purchasing a business, or buying a franchise.

If you are concerned about the risk involved in a new independent business venture, then franchising may be the best business option for you. Making use of the most appropriate business franchise opportunity for yourself is important. But remember that hard work, dedication, and sacrifice are essential to the success of any business venture, including franchising. Also, keep in mind that the franchising companies primarily want to sell their systems. If you are not interested in a franchise, you should not consider purchasing it. It is pivotal for an entrepreneur to know thoroughly about the pros and cons before buying a franchise.

Franchise Pros and Cons 

Benefits of purchasing a franchise include:  

• A highly regarded franchise is a proven business model thus allowing you to minimize risk.
• A well-known name creates a competitive advantage. Name recognition can bring customers into the business.
• A regimented training program can be valuable asset to teach basic business operations and industry specifics to the owner and staff.
• Managerial supports, as well as problem-solving capabilities, are provided to the franchisee.
• Cost savings from bulk purchases by the franchisor can be passed on to the franchisee, thus obtaining economies of scale.
• Professional advertising programs can provide national exposure on an affordable budget.
• Financing can often be obtained with the assistance of the franchisor, if not provided directly. 
• The selection of the location is often guided by the franchisor, allowing you to defer to their years of experience in determining a winning location.

Some drawbacks to purchasing a franchise are: 

• Franchise fees are required at the time of inception and can range from a few thousand dollars to hundreds of thousands of dollars, depending on the franchise.
• Royalty fees are a percentage of income/sales and are due each month whether the business is profitable or not.
• A franchise agreement typically dictates how a franchise operates and requires set standards to be followed, so a franchisee may feel a lack of individual control in the operation.
• Many franchises require certain products and materials be used in order to produce a uniform product.
• A termination clause is typically part of the franchise agreement, so the franchisor retains the right to end the agreement if certain conditions are not met.

References:
• Small Business Administration

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