Assuming that the custom site is built by a pro and that the template sites aren't an online WYSIWYG editor (requiring you to actually design a site) you still have to find the solution that actually meets your needs. For example, a custom designed site could include the backend cms allowing all the advantages of a template site package. But you are going to pay for that. Many template sites can be "custom" created for an additional fee and are still less upfront than a totally custom site with all the advantages of a template site builder.
I create both and the hardest part of the business plan was to differentiate between the two since they truly overlap. For this thread however, I'd say the arguments are -
Custom Sites:
Pro - developer should help organize and structure your content. It is the content that will make or break your site.
Con - you pay for what you get. A cheap design is a cheap design.
Template Sites:
Pro - You are able to add, edit, delete content immediately for a small upfront cost.
Con - You have to figure out what information your site needs to present without professional advice.
JM
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