Tbo.com:
Franchising is a popular way for entrepreneurs to fast-forward their small-business ownership ambitions.
Franchisors provide tested and proven base structure of the business, freeing their franchisees from having to invent the operational wheel.
Franchisors also provide guidelines, innovations and tested marketing materials.
And new opportunities emerge almost daily.
But even with its many advantages, franchising has many risks and challenges that need to be considered.
The biggest 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. More.