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"I'll buy a franchise and get rich"
For many people who are cash rich but job poor, franchising presents as
a low risk way to build a successful business and be in control of their
own destiny. Not all franchise systems are alike though, and in many cases
the risks associated with buying and running a franchise can be as terrifying
as going it alone.
Anyone, however experienced, contemplating the commitment of cash, time
and energy to a franchise, owes it to themselves and their dependants
to evaluate the prospect from a range of aspects. Be sceptical about claims
and always ask yourself, "what happens if it doesn't work out as
intended or presented?"
"I'll sell a franchise and get rich"
Many businesses would make good franchising concepts. Making a success of a franchise, however, is a completely different proposition to building a business which you would like to franchise. The development of a franchise involves a wide range of activities essentially aimed at attracting people to your concept, and then working even harder to protect and promote the brand. Much of the work is legal and technical and you need to be dealing with people who are experienced.
Either way, take expert advice before you commit serious money to a franchise venture.