Would you prefer to franchise a business or grow using company owned units?
If you had the cash to either start one or two more company owned stores or start a franchise program, which would you do?
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I would build a small chain of stores first. Get experience in managing multiple outlets and how best to operate them in various markets. Develop the systems that, when applied as designed, make each store successful. Once I have perfected the success formula, then I would have genuine value to offer as a franchiser to franchisees. Franchisees are looking for someone to give them the methods to be successful. After all, that's the benefit of a franchise.
It depends on what you want and the capital you have upfront. the reason companies franchise is to use someone elses capital, start up money and time to reproduce a working franchise model. Then the Franchisor takes a percentage and an initial franchise fee. it's all about leveraging to expand for both parties.
I would grow company owned units because I prefer control and increasing equity. Franchising has additional laws and government regulation overheads.