These cases, wherein a franchise branch is for sale, are ideal situations for those hoping to purchase a turnkey business. Though a thorough inspection, sometimes called due diligence and discussed later in this book, is necessary, a purchased franchise branch can oftentimes become both successful and profitable. There are a number of incredibly positive aspects to purchasing a franchise that is already operating. Not only is the location already scouted and decided, but there is a ready inventory, staff, customer base, and business model, as well.
Purchasing a franchise forgoes the worry of product development and marketing, and is one potentially profitable way to open an individually-managed small business. Name recognition for the company has already been built up, and in an ideal case, the business brand is both prominent and of good quality.
Because the parent company takes over many of the tasks that would normally be the responsibility of the local business owner, the workload is lighter and the start-up outlay minimal. However, the duties of the owner remain in every way as important as a non-franchised business. Franchise owners must still run the franchise to the best of their ability, hire and fire employees, ensure customer satisfaction, and maintain overall quality. While purchasing a franchise does alleviate some of the problems of starting a small business, the running of the company remains a mostly untouched responsibility.