If you’re thinking of buying a franchise, there may be another question you’re considering: Should you bring a partner into it? Below are some of the pros and cons of going “solo” or “duo” in franchising.
THE PROS
- Less work. One of the biggest perks to having a franchising partner is that you two can split up the jobs that need to be done. This may result in less stress and a better work-life balance for both of you.
- Fewer up-front costs. If you can’t afford to go into a franchise on your own, getting a partner can be a great solution. All the up-front costs can be split 50-50, allowing for some breathing room in your budget.
- Complementary skills. Are you great with numbers while someone else you know rocks customer service? A franchise can split up your skills so that each partner spends their time doing what they do best – and they each see the benefits in their franchise.
The cons
- Personality clashes. The very same difference in skill sets could also potentially lead to arguments about important matters.
- Not pulling their weight. Whenever two people work together, there is the possibility of one partner not doing an equal share of the work.
- Getting only half the credit. Remember: Whatever you do, you do as a team. That means sharing only half the credit for success instead of getting it all yourself.
