Want to be your own boss, but can’t decide whether to start your own business or buy a franchise?
Both options have their pros and cons, which are worth looking into. Here are a few points to consider when deciding between a startup and a franchise that could help you to make the best decision.
Franchises require less initial groundwork
Starting a business from the ground up can be a long and challenging process. If you want to get stuck in straight away, a franchise allows you to do this. You don’t have to fuss around finding the right equipment or deciding the best business model, as this will already be sorted. The brand is also already established, so you don’t have to worry too much about marketing – the customers will largely come to you.
Finding franchises for sale is fairly easy – you’ll find many advertised online such as these Mosquito Authority franchise sales. The only initial steps you have to worry about are providing funding and familiarising yourself with the business. This could involve taking out a business loan and going through some brief training.
Startups offer more creative freedom
For some people, a franchise can be too restrictive. When starting a business from the ground up, you get to make decisions on every aspect of the business from the branding to rates you charge to types of products/services you provide. If something doesn’t work out the way you want it to, you can change it.
You’ll still need to follow basic trading standards, but otherwise you set the rules, which can be fairly liberating for some people. You do of course need to have that innovative drive – a successful business has to have a unique selling point in order to separate it from its competitors, which you will have to come up with.
Franchises are low risk
A large percentage of startups fail – 90% according to Fortune! This is because of the amount of fine-tuning that is needed when coming up with a successful business model. Franchises on the other hand are almost certain to succeed because you’re buying into a business model that already works.
A company owner will only sell a franchise once they got to a stage in which they’re confident with their business structure. You also have the ability to research various franchises on the market in order to find the one with the most convincing track record.
Startups have less fixed fees
Franchises unfortunately have a lot of fees that you must pay to the franchise owner. When starting a business, you don’t have these extra fees and it’s easier to choose your budget. Of course, there may still licenses, compulsory insurance, taxes and all manner of other fees to consider, however this is still less that what you’d have to pay when working for a franchise.
You also have the ability to make effective cuts if you don’t think you can cover expenses – this could include downgrading equipment or streamlining your products or even taking your whole business online to do away with brick-and-mortar costs.
So which one is best for you?
Successful startup owners tend to be risk-takers with a creative streak. It’s a great path if you’re brimming with ideas and enjoy having full responsibility over every area of your business. If you’re starting a business on a tight budget, you may also find it easier to make things work with a startup because you can build it up at your own pace and don’t have to pay as many fees.
For those that want a more secure option, a franchise can often be the better choice. You get to use an existing business model, guaranteeing you more success and cutting out the painstaking groundwork. It’s the perfect option for eager business owners that just want to get stuck in.
(Extra) Why not have a Blog ?
Is it really easy beeing a blogger in 2019? It is not but, with the right guidance, tools and drive!!! It could become one of the best business, side hustle,money making machine for you and your family.
My story is fairly simple, i was looking for a avenue to share my ideas and knowledges to the world but was always hesitante to plunge onto the world of blogging. We see online, all those incredible success stories but i do know there is also the stories that are not talk about, the setbacks, deception, discourage.
I’m someone commited to my craft and that’s one of the reason i decided to create my blog, to share my voice to the world. There is a lot to do when starting a Blog, mine is up only since July 2018, i have a lot more to do and work on.
Before starting, the only thing i could say is: Don’t compare yourself to other bloggers, yes you could take advise, learn from their establish blogs but work on your own thing, you have a unique voice and should be proud of it.
I will explain below the simple tips to start a blog on the right foot, what to do and not to do… There is so much to consider but with a daily task in hand , it is a lot easier to follow the progress of your company : your Blog.
I’m laying out a general overview on how to start your blog from scratch and at the same time, you will have the best blogging tips, i have under my umbrella.
Start by looking for a subject that you are passionate about, you cannot stop talking about… Don’t forget once you have a blog in place, you need to have the motivation and drive to talk about the same subject over and over again. Imagine, working on your blog for the last year and you wake up one morning with no more drive for your blog because your motivation is dry, the subject need to be close to your heart.
Looking for a online name could be a little bit challenging when starting out because you could have the best idea in the world but keep in mind , your name should be relevant to the subject attach to your website. Having a online presence among others is quiet a task, so to have the chances on our side, why not have a name that is easily remembered and simple.
As a example: It took me a week to find the name for my website, since i wanted to talk about finances evendo my main work in life is computer engineering. Always been attracted by numbers, how to save money, how to make it work once invested,living a simple life so you have enough time for the family.
What is your drive, why do you have a blog in the first place? Share your knowledge, make money (we all want that i presume), it is liberating also to wright. It feel like a therapy, your feeding your blog with information so you have enough space to let new information flowing through your mind.
Continue ready why having a blog could be good for you ===> Blogging 101
To finish, it is not what you choose to have as a option ( Startup or Franchise) that is important but the way you will work around your new opportunity! Surround yourself with good peoples, have fun and if there is a problem, there is always a solution.
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