Is A Franchise The Right Choice For You?

Victoria Advocate:

Many people feel that they don’t have the skills, knowledge, or ability to start a business, but would still like to be an entrepreneur. Is there hope for these people?

The answer is yes, and it may be purchasing a franchise. A franchise is simply an agreement or license between two independent parties that allows a person or group (franchisee) the right to market a product or service using the trademark and/or business practices of another business (franchisor).

The most common type of franchise is the business format franchise which includes the marketing of a product or service, using an established trademark, and applying the business practices and operations of the franchisor.

USA Today listed fast food, service, restaurants, building and construction, business services, retail, automotive, maintenance, retail-food, and lodging as the 10 most common industries for franchising.

To determine if a franchise is a right for you, consider both the advantages and disadvantages of purchasing a franchise.

The advantages to owning a franchise include the following…