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The value of the pros and cons listed differ significantly depending on the type of person looking to start a business. From what I have seen, pros outweigh the cons for the following startup profile:
A person who has no experience in starting or managing a small business and who has invested their entire working life in corporations, they want to open a physical 'bricks & mortar' outlet, they have more assets than the capital required to commit to the franchise, they prefer to work in a team environment rather than do-their--own-thing, they have a profit-only mindset rather than an entrepreneurial one, they are entirely risk averse, they are comfortable in a managerial role (buying a job) with little interest in innovation or leadership and they see maintaining social status as important (identification with a known brand and avoiding the social stigma of failure).
Franchising was at its height in the 1970s to early 2000s when starting a business predominantly meant opening a physical 'bricks & mortar' outlet. This business entry option required a significant investment risk that people understandibly wanted to mitigate via the low risk franchise model.
Today the business entry options are far more diverse with many built on the ultra low capital technologies of the internet that while not eliminating risk make any potential losses affordable.
So if you don't fit the previously described profile, then perhaps you are better with your own lean startup, gaining your startup expertise on-the-job by following the iterated customer development model promoted by Steve Blank. Here is his coursehttp://www.udacity.com/overview/...
