The Pros and Cons of Becoming a Franchise Owner

At a time when many industries are facing numerous challenges, there are still many people who dream of running their own business. When an entrepreneur sets out to start a business, there are many unknowns and it can be a sizable risk both personally and professionally. Becoming a franchise owner can negate some of those tangibles since you are buying into a business model that has already shown proven success.

Here are just a few of the pros and cons of owning a franchise:

Advantages

• Skip the start up phase
• Customers are already familiar with your brand and its products
• You are provided with a framework for training your employees and running your day-to-day operations.
• Ideally you can start to generate income quickly

Disadvantages

• Guidelines and even rules are provided that you must follow even though it’s your business
• You must pay royalty fees for using the name and taking advantage of the systems and guidance they provide
• Since you are contractually obligated, you will have a difficult time closing down your business if it’s not doing well

What smart franchise owners on Long Island know is that by working with JTS Associates CPAs’ Advisory & Consulting services they have an experienced team with deep expertise behind them to help navigate any complex challenges and help them achieve their franchise goals. What’s most helpful is that the team begins with a thorough analysis of your current financial and operational performance to identify areas of improvement. They then form a framework of innovative strategies to help optimize the performance of your franchise and increase the odds for financial success.

If you own a franchise or are thinking of buying one, contact JTS Associates CPAs at (516)877-5900 to help you take full advantage of any opportunities that come your way.