When planning to start a business one of the most important questions that you should ask yourself is whether you should go at it alone or if you should buy a franchise. At first, this can seem like a very complicated issue but in the end, it just comes down to your personal needs, preferences and, ultimately, goals as a business owner. In this text we are going over the main strengths and weaknesses for both of these choices, making sure that when the time comes, you can make the right decision.
Going in on your own
Starting completely on your own can seem both like a really terrifying idea, and a prospect with endless possibilities, and in a lot of ways, it is both of those things. The most important prerequisite to starting a business is having a high-quality idea and a vision of how you want to turn that idea into reality. But just having a good idea won’t be enough to guarantee your business will succeed, you will need an enormous amount of dedication, self-sacrifice and just a pinch of luck.
Upsides of a startup
Being your own boss is a dream most of us have had, and this is the best way to finally achieve it. Choosing your own schedule, not having to take orders and getting to make all of the decisions are all great, but most importantly If you choose to start your own business you will have full freedom to take your vision where you want to and in the way you want to.
Downsides of a startup
An important thing to remember is that starting your own business is no easy task, the matter of the fact is that research shows that 25 percent of startups actually don’t survive their first year. There are also many uncertainties: will your product sell, will your idea be liked, even whether or not you will have enough money to survive.
Going with a franchise
If you don’t like the downsides described in the last paragraph, then buying a franchise might be the better option for you. Essentially, buying a franchise means buying into an already established and functioning business. While there are certain prerequisites that can be asked of you when starting a business this way (most importantly the money you need to actually buy it), there is far less uncertainty and survival rates are higher, making it a much safer option.
Upsides of a franchise
The biggest upside of buying into a franchise is having the support and safety that come with an already established and functioning system. One of the main obstacles you may face if choosing to start on your own is trying to make a name for yourself. By joining a franchise, you will automatically join someone who already has a reputation and is known by the customers, saving you the trouble of doing this on your own.
Another major benefit is the connections. When you become a part of a franchise, you are linked up with lots of others small businesses and other experienced people, giving you the option to share and discuss ideas but also ask for advice and direction when needed. This will also allow your business to easily and cheaply build the logistics and infrastructure needed for it to operate well.
Downsides of a franchise
If you do decide to go with a franchise, you will have a lot less freedom to choose how you want things to be done as you will have to answer to the needs and demands of the franchise. This dependence won’t be limited just to how your business is run, but also to how successful it is as your reputation will be closely linked with that of the franchise.
Making the right choice
o sum up, there are a lot of different things that you must keep in mind when trying to make the right choice. However, if you don’t have a unique idea and are not extremely dedicated, you are going to find it quite hard to make it out there on your own. This is why going with a franchise is a great place to start for most people as it guarantees you a strong foothold and experience that you will be able to build on later. And the best part is, it’s really not that hard to get started with a franchise, all you have to do is some research, find what suits you, and make the deal.