When it comes to starting a business, many people think of buying a franchise as a shortcut to success. While there is some truth to this, not all franchises are created equal, and not everyone is cut out to be a franchisee.
Is there a franchise in your future? Here are the advantages and disadvantages of buying a franchise and what to expect when buying a franchise to help you decide.
Advantages of Buying A Franchise
1) Lower Failure Rate - When you buy a franchise, you are buying an established concept that has been successful. Statistics show that franchisees stand a much better chance of success than people who start independent businesses; independent businesses stand a 70 to 80 percent chance of NOT surviving the first few critical years while franchisees have an 80 percent chance of surviving (Michael M. Coltman, Franchising in Canada: Pros and Cons, Self-Counsel Press).
2) Help with Start Up and Beyond - You get a lot of help starting your business and running it afterwards. Many franchises are, in fact, turnkey operations. When you buy a franchise, you get all the equipment, supplies and instruction or training needed to start the business. In many cases, you also get ongoing training, and help with management and marketing. Your franchise will reap the benefit of the parent company's national marketing campaigns, for instance.
3) Buying Power - Your franchise will benefit from the collective buying power of the parent company as the franchisor can afford to buy in bulk and pass the savings along to franchisees. Inventory and supplies will cost less than if you were running an independent company.
4) Star Power – Many well-known franchises have national brand-name recognition. Buying a franchise can be like buying a business with built-in customers.
5) Profits - A franchise business can be immensely profitable. (Think of Macdonalds and Tim Hortons, for instance.)

To sum up, Advantages of buying a franchise include:
- Quick startup
- Help with