Franchise Vs. Start Up
Everyone wants to be their own boss, but it is not an easy road to travel. When starting a new business, it can take years to learn the ins-and-outs and even longer to turn a profit. Shaky economies and high overheads make it difficult to manage any new business venture and that is what makes franchises such an appealing option for potential business owners. Every venture comes with pros, cons and things to consider before making a commitment.
Brand Awareness & Success Rates
Building a brand takes years of sweat, tears and money. Purchasing a franchise means taking part in a proven system that is tried, tested and true. The term success is measured in different ways but whether you are looking to make a paycheck or just keep the doors opened, a start-up is a risky venture. By having a business plan, surrounding in-demand products or services, franchises provide a fool-proof system.
There are lots of things to consider during the first days of any business venture, not the least of which is cost. When browsing through franchise options, you may notice that initial costs can range from the tens to hundreds of thousands. This may seem high, but they are all encompassing numbers. There is no definitive check list when it comes to starting an independent business. When managing business finances, investments are parcelled out bit by bit and can be difficult to keep track of. Even small expenses like advertising, décor, supplies and equipment can snowball. There are always unexpected costs right around the corner – and it all comes out of pocket!
Opening a new business usually requires a formal education or years of experience in the field beforehand. When opting to become a franchise owner, it is not necessary to have industry experience beforehand. Flying under the banner of an established company means comprehensive training in their practices, with their equipment and according to industry standards. Access to training and resources means franchisees have access to all of the knowledge that they need to succeed.
There is something very appealing about having creative control over your project – especially if it something that you are passionate about. The trouble with starting a new business is not a lack of passion or worth ethic – but everything that comes along with it! Having champagne dreams on a beer budget is common practice for many new business owners. Franchisees provide a set of standards that stretch from uniforms to advertising, controlling which content is shown and how it is presented. This method helps to take the guess work out of campaigns, but it can also be limiting to some.
With a bit of risk, comes a lot of reward, but franchise ownership can give you the best of both worlds. Understanding the ins-and-outs of your options is the key to making the right choice. When you want to improve your chances of success while being your own boss, a partnership is your key to success.