Starting Your Own Business
vs Buying a Franchise
Owning your own business has a lot of appeal. You get to be your own boss, be completely in charge of your own future and have the freedom to make your own schedule. When going into business for yourself, you have the option of starting your own or buying a franchise. Each option has its own set of pros and cons, and in the end it’s up to you to decide which will work best for you. To help you make a decision between the two, here are some of the benefits of each.
Starting Your Own Business
You are your own boss. No ifs, ands or buts. There is no one else to answer to. You have full freedom to do as you wish with your business.
Full control. Everything from set up to business model is controlled by you. Since you are designing and setting up everything from scratch you will get a say in every step. You also get full control over each facet of the business, from buying and purchasing to payroll and benefits of any employees.
No fees or royalties. With your own business, you don’t have to share the benefits of your hard work with anyone. Unlike a ready-made franchise, you do not owe any fees to the franchisor. Everything you make, you keep.
Customizable marketing. If you are a marketing wiz, this benefit may be a huge one for you. With your own business, you get to formulate and implement your own marketing strategy. Any mistakes are yours alone; but you can learn from them and reassess your marketing plan.
Set your prices and overhead. As the boss, you can set your prices according to the market demands, and also raise them as you see fit. You may also decide to run your business with minimal overhead expenses to maximize your profit. When you own a franchise, you are subject to the pricing and operating regulations of the franchisor.
Buying a Franchise
Higher chance of succeeding. Since the road map to success has already been paved, there is a higher chance of your business succeeding when you buy into a franchise.
Easier to get financed. Since a well-known franchise already has a good track record, there is a better chance you will get a bank or other institution to finance your business venture. On the other hand, banks may be a little wary of financing the significant investment a franchise usually requires.
Extra support. Though you are paying fees to someone else, the tradeoff is that you are granted the support, purchasing power, legal help, developmental research and everything else that comes with starting a business. You get a proven business model that works, without having to figure it all out on your own.
Recognizable brand. A huge benefit to buy franchising is that you get brand recognition. Along with the name, you get the loyal customers and preferred business pricing on supplies.
No marketing. For those that do not like marketing and promoting, then this is a perk. With a franchise, the parent company handles the advertising. Each location relies solely on the marketing efforts of the franchisor.
Less room for mistakes. When you start a new business, chances are you are going to make mistakes, and some of them may be large and costly. However, with a franchise the franchisor has most likely made the mistakes already and you are getting a tried business model.
Going into business for yourself will allow you to have both personal and financial freedom. However, whether you start your own business or buy into a ready-made franchise is up to you. It is a big decision and both ends have their own set of benefits. Weigh the pros and cons, ask questions and learn everything you can about each option to ensure that your decision is the right one for you.
Written By Brad Denton
1930 N Arboleda #201
Mesa, Arizona 85213
40 N Central Ave #1400
Phoenix, AZ 85004
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