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: 1. Access to better talent. Franchising is a great way to

1. What is a Franchise? The term franchise is generally taken to mean the legal arrangement, whereby one party grants a license to another for the purpose of retailing its goods and services, often in a specified territory or area. This type of franchise is usually called a ‘business’ format because the franchisor presents the franchisee with of a model with how the business will operate, and imposes stringent controls on the franchisee in respect of how the business will be run. This is the most common type of franchise. 2. Why take out a Franchise? From the franchisor’s point of view franchising offers an opportunity to expand quickly and

1. Choose the right business for you. Franchisees whose skills are a good match for the business tend to do better than those who are not in their element—but how do you know if the concept you’re buying is right for you? It’s really quite simple: ask yourself what you like to do. For example, if you love kids, find a franchise that allows you to work with them. If you have a passion for technology, seek out a computer-related franchise concept. However, don’t just think about the product or service, but what your actual daily tasks will be. You may love to cook, but owning a restaurant will be