After working for years for a boss you decided to own your business which is a good step, but you are finding it hard to decide if you should start a business from scratch or buy into a franchise. Starting a business for yourself is a major decision and can be filled with ups and downs.
In starting a business, there are two paths to follow which either you start a business yourself and create your own brand or buy into a franchise with a set standard, system and brand. The two options are amazing and qualify you to be a business person.
Before we continue I need to let you understand that in a business, either owned personally or a franchise passion, enthusiasm and determination are key in steering the business as well as in attaining success. This said, I will be rolling it out
Let’s Get to the Ring
Do you think you can make very drastic decisions? Can you take heavy risks and understand business well? Can you stay up watching your business grow while you invest all resources to make it a billion dollar company? Can you bear losing it all with a wrong decision and at the same time start again? Then you have the attributes of an entrepreneur and you can start your own business.
Starting Your Own Business
Freedom to Create
Have you ever thought of doing a particular business you like, or turning an idea into a business like Bill Gates did with Microsoft, Jeff Bezos with Amazon, Sam Walton with Walmart and John Schnatter with Papa John’s? Then starting your own business is a very great opportunity to start. When you are starting your own business, you have the freedom to decide what to sell as well as you have the liberty to change the type of business you are currently into something else because you have the freedom to create and recreate also, you have the right to make decisions in the business.
Ability to Invest and Sell Your Business
Unlike buying into a franchise, you are faced with risks which becomes part of what grow you also which you make rewards which are your gains. The least thing that can happen to an entrepreneur is bankruptcy which can happen to any business. You have the ability to learn yourself, invest in your business as well as sell the business when it is matured.
Setting the Rules
Starting a new business, you give the rules and guidelines to your workers who abide by them. You have the ability to make decisions about how the company should be running. Furthermore, your business could become big and other people want to buy into it or buy your name in their business (Franchising), you will be in charge of setting the rules and not receiving rules.
Franchising a Business
Brand Awareness
Unlike starting a new business that is not known by a lot of people, franchising gives you a name and feel. All franchise look alike in either structure or services which makes them readily known to the world. The same taste you get from the Burger King’s Burger close to your home is the same taste you get from the Burger king in the neighboring state or town.
Complete Operating Procedure
Unlike starting your own business where you have to draw several modes of operation, franchising gives you an ease to operation mode since the franchised business provides a ready tested and proven operating system which you just have to copy and paste in the business.
Supplies and Funding
Instead of racking your head to find funds to get equipment for the business, as well as make research on how to find suppliers, negotiate deals and fund adverts, the franchisors business provide them. Franchisors know everything about their business and will do everything in their power to keep their brand up to standard provided you do not mess things up.
Faster Returns on Investments
Unlike starting a new business where profit takes years to makes, franchising makes it easy since the name is already available so customers come with a made up mind to buy commodities without stress.
Franchisors Giving Training to Franchisees
When starting a new business as a startup entrepreneur, you have to learn every bit of the business on your own and make a lot of mistakes while for franchising, it is different. The franchised business train you on how to hire, fire, and train staffs, how to manage logistics, finance and every other aspect of the business which give you an edge.
Are you thinking of starting your own business or do you want to buy into a franchise? Like I said in the beginning, the two options are amazing and qualifies you to be a business person. You can read more about owning your own business as well as buying into a franchise at your leisure.