Akron Beacon Journal (blog):
Franchising is a popular way for entrepreneurs to fast-forward their small-business ownership ambitions. Franchisors provide a tested and proven base structure of the business, freeing their franchisees from having to invent the operational wheel.
Franchisors also provide ongoing guidance, innovations and tested marketing materials. And new opportunities emerge on an almost daily basis. According to the International Franchise Association, hundreds of new concepts are launched each year.
But even with its many attractive advantages, franchising has many risks and challenges. A big mistake is believing that franchises never fail. Although the failure rate is much lower than that of independent businesses, the franchisee still must have the necessary commitment and drive to make the franchise successful.