It would be a dream come true for just about anybody to become an entrepreneur. Owning a business, though, does not come in a single package. You would always have the option to franchise or start your own business once you decide to become an entrepreneur. It may not be easy to make a choice. Ultimately, whatever choice you make would impact the long-term longevity of your business and the profits that your business make.
In case you are still undecided whether franchising or starting your own business is the best thing for you, then refer to the list below:
You would make a good owner of a startup business if:
You are innovative and creative.
If you are innovative and creative, for sure, you would come up with tons of unique ideas for your startup business. To see your ideas materialize, you would need to start a business of your own. Firstly, become a business advisor for yourself when collating ideas together to start your own business. Then, consult the assessments you have come up with a different business advisor just to make sure you are on the right track of starting your own business.
You prioritize freedom and growth.
You are free to run things the way you want if you own the business. Also, you would be your own boss. If you are the type who wants to do things your way and do not want to be told what to do, then a startup is indeed for you.
Meanwhile, you would make an excellent franchisor if:
You only have limited funds saved for business investment.
Franchising requires less amount of money. If you are a young and new entrepreneur, you may not have a lot of money saved up yet to invest in a business. As such, franchising should be the best move for you.
You are hesitant about the stability of a startup business.
If you are unsure whether or not your plans and ideas would work, then stay on the safe side of franchising. Once you franchise a business, the management of the brand you franchised would guide you in every step of the way (e.g., training your employees, setting up your store, selecting the location for your store, marketing your products and services, among others).
You prefer owning a franchised store of a particular business brand.
If you are an avid fan of the products of a particular brand, then why not make your dream of franchising a reality with it? People who are avid customers of coffee houses have realized their dream of becoming an entrepreneur by franchising that particular coffee house. Make sure that when doing so, however, you are able to land good deals to maximize your future profits.
Owning a startup may be the best thing you can do for the short-term, but not for the long-term. The same goes for franchising a business. Make sure that the potential of the stability of your business is strong for a long time. You cannot afford to lose profit if you make the wrong decision. Your business advisor should be able to see through long-term prospects for the new business you are planning to open.