There are multiple paths to business ownership, each with benefits and potential pitfalls. One of those is purchasing a franchise. Some entrepreneurs may shy away from owning a franchise due to misconceptions about this business model. As with any business venture, there are pros and cons to owning a franchise. We explore a few of each below.

Pros

Owning a franchise comes with some incredible perks and opportunities. A few of our favorites are:

Brand Recognition

That’s right. You don’t have to spin your wheels trying to get the word out about your company. You don’t need to craft a unique story and try to sell yourself. Choosing a well-known franchisor means that people are already familiar with who you are and the products you offer. There is built-in brand loyalty, and you can’t put a price tag on that.

Training

Running a business is hard work and always finds a way to present you with new and unique challenges. Owning a franchise means you don’t have to go it alone. You are joining a family . Every franchisor offers varying levels of training and support, but you will at least get everything you need to start out on the right foot.

Support for Marketing and Advertising

One of the not-so-hidden costs involved in business ownership is marketing and advertising. You need to bring in customers to make your business thrive. With a franchise, marketing plans are already in place, and oftentimes, tools and resources are available to help you advertise your location.

Cons

Despite all the benefits of owning a franchise, there are also a few potential downsides:

It’s an Investment

Purchasing a franchise has up-front costs, the amount of which will depend on the overall franchise system. If this is uncomfortable for you, or you aren’t ready to take that leap, spend some more time looking things over and developing a plan for financing your franchise. Do some research in the market and investment needed to open your franchise.

Maintaining Brand Image

As a franchise owner, you not only have to protect the reputation of your location but also the overall brand image. Many customers don’t realize that businesses are franchise owned and operated. When a customer experience goes south, it can impact locations nationwide.

Barriers to Independence

As a franchisee, you’re a business owner, but you don’t have full control over decisions that impact the franchise. As a franchise owner, you operate within an existing system with specific rules and expectations. Take the time to think about whether you want to work within those parameters.

If the pros of franchise ownership have outweighed the cons and you’re ready to consider becoming a franchisee, take a look at the Pokémoto Hawaiian Poké franchise. Reach out to us today! We’re happy to answer any questions you may have about getting started.