Pros:nnEasier than starting a business from scratch.nLeverage existing brand equity and a loyal customer base.nProven business model.nFranchises have a lower failure rate than new businesses.nFranchisor support.nnCons:nnFranchise fees and royalties.nHigh initial investment.nRisk of franchise cannibalization for most popular brands.nPotentially low profit margins at first.nNeed to meet net worth and liquid asset requirements.