Franchising could be your next big strategy for expansion or it could send your growing business down the wrong path. Here are some key considerations before deciding if franchising is for you.
Entrepreneurs who have developed a successful business often wonder if they should franchise as a way to expand their operations. Like any business model, franchising has its benefits and drawbacks.
There’s no way to know for sure whether franchising is right for your company until you evaluate its pros and cons in the context of your operations. That usually requires the help of a franchise attorney or consultant, but before you start talking to the experts, you should get a sense of the key advantages and disadvantages.
Franchising offers three major benefits to business owners seeking to expand operations:
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