Franchises can offer great benefits to those who want to be business owners but who just don't have an idea of what they want to do or haven't run businesses before and need some help and guidance.

The concept of a franchise is simple. You are provided with the blueprint of how the business is to be run, the equipment that you need, the training you should provide for any employees and how you should market the business and in return, you pay an investment fee and usually a monthly fee and/ or a share of the profits you make. This is all great news for those who need a helping hand.

Franchises have come complete circle. It is not too many years ago when they were seen with suspicion. Many franchisors were only interested in making the sale to the new business owners and were not interested in the success of their franchisees. Lots of new business owners found themselves in trouble and went under, accruing great debts. Times have now changed and franchisors recognise that they have a vested interest in the ongoing success of their franchisees.

So what is the downside of buying a franchise? The cons are actually the same as the pros! Franchises work because not only do the franchisees get support and training but they also get the goodwill of the business. If you were to buy a MacDonald's franchise for example, you wouldn't have to spend a lot of time marketing and getting your customers used to the concept of a fast food restaurant! Whenever you go there as a customer, you know exactly what will be sold, the packaging it will come in, what it will taste like and what uniforms the staff will be wearing!

For the franchisee, this is also the downside. How you operate your business is strictly prescribed and regulated. This is for obvious reasons; the franchisor did not work to create a valuable brand for rogue franchisees to ruin it! But the question is how much control do you want over your own business?

Franchises these days can be very expensive and if they are not, ask yourself why. Beware the franchises that do not have a proven business model. The whole point of what you are doing is to buy into something that already works and is capable of being duplicated. If the venture you are looking at is brand new, look with extra care.

It is also essential that you have the franchise agreement looked at by a lawyer. Even if you hate lawyers! Franchise law is a very grey area and if you find yourself having problems, you may end up paying your monthly franchise fee whether your business is making money or not. Speak to an expert about your obligations and exit strategies. Protect yourself because you will be treated as a business owner and ignorance of what you are signing will not get you out of trouble.

If you consider all of the above and can find a business for which you have the required skills and an absolute passion for, then go for it but consider your other home business options too. Remember, you should own your business, do not let your business (or your franchisor) own you.