Buying a franchise has its benefits in that customers are familiar with the name, and the owner gets training and support that would otherwise not be available from the purchase of a privately owned small business. Although it's still not a guarantee of success, it is a consideration when taking the big step of going into business for yourself.
A franchise owner would also be provided with advice on all aspects of running the business from marketing to management of personnel.
There are initial fees to owning a franchise. Some of these could be quite high. Some franchise owners also must pay into a national advertising fund, for example. Be sure to ask specific questions so you know what your financial obligations will be.
Managerial, bookkeeping, and record keeping are essential skills required to run a successful business. Advice from a knowledgeable business broker will be an invaluable investment as you transition to owning the business.
Owning a restaurant can be most stressful but also most rewarding. An owner should like meeting and greeting people and be prepared to deal with problems and complaints as well.
This is one business that affords the owner opportunities to develop a good relationship with other business owners in the area and, therefore, acquire a strong presence in the business community. All these things contribute to a successful operation.