Advantages:
association with a well established brand, reputation and product or service;
assistance with site selection, lease negotiation, site development, builders and shop fitters;
assistance with outlet design and equipment purchasing;
access to group/national market research, along with advertising and merchandising assistance;
access to established standard procedures, operating manuals and stock control systems;
Disadvantages:
less autonomy in some business decisions
restricted territory in which you may operate and/or promote your business;
ongoing payment of fees to the franchisor;
less control if you decide to sell your franchise business as there will be a set of procedures for you to follow, including getting the franchisor's approval of the buyer;
if you sell the business you will usually have to pay a fee to the franchisor as outlined in the franchise agreement;