Discussion 2- 10 Hours From Now. Maximum Time

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As I obtain my degree in Business Management, it is important to me to be able to understand a wide area of topics. Franchises are one of those topics that I need to be able to having some understanding about. This video was very informational and very helpful to me as a future managers and possible business owner. Susan mentioned many questions to consider before buying and committing to a franchise. She also listed some pros and cons about franchises. Some questions the a possible franchisee might consider is their own personality. When buying a franchise, the brand is already established and it is important to be able to keep their brand consistent. If you are the type of person that wants to provide your own ideas and strategies, then maybe a franchise is not the correct route to take. Is the franchisee willing and able to commit to the training and financial obligations that a franchise requires? One of the most important rules are every franchise must create a UFOC. This document lets the reader know everything that there is to know about the company. The history of the company, managers, and even the financial statements. There are some pros to a franchise. One major pro is buying a franchise minimizes the risk of failure. The franchise has already been established and it only needs to be ran. The risk of failure is low. Another good pro is the fact that you can be a business owner with no experience and expect to get the proper training. There are some cons as well. One con is if you are very innovative and creative, following someone’s else's model might not work.