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Iceni Magazine | August 16, 2022

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Start Your Own Business or Purchase a Franchise?

Start Your Own Business or Purchase a Franchise?

If you want to work for yourself, then there are a range of options out there for you.

Starting a business of your own is usually the first point of call, although you will need to have an idea and a plan that is going to make you money. A different idea is to franchise a business, where you don’t need to have the idea, but you get to work for yourself with the help of a proven business strategy.

Buying into a franchise is something that tends to offer stability and support but it can be quite costly to start with, especially when you compare it to starting a brand new business from scratch. You get full control with a business of your own, but it can be more risky as it is something that is unproven, but regardless, they both need hard work and determination in order to make them work, as well as time and money. If you’re unsure, then here are some of the considerations to make if you can’t decide between franchising or a business.

Why start a franchise?

If you have a business idea then setting up a business is probably the best way to go. However, if you’re not completely sold on an idea of your own, then a franchise means you’re working for yourself, but you have fewer decisions to make yourself. A franchise can suit someone who wants to manage a team and who has a passion for working in a particular sector. You won’t go without challenges with a franchise, but as there are people that you can refer to for help, it can make it a simpler process. Not to mention you can get help from the likes of franchise accounting specialists to keep the franchise finances in order. If you want to work with an already established brand, then a franchise is likely to work well for you.

Investing in a business or a franchise

When it comes to starting a business, the money that you need to invest could be lower than a franchise, at least to start with, depending on the kind of business that you want to create. The reason for this is that a franchise comes with a set fee to start with, that gives you the advice, expertise, branding, and knowledge from the main team. You will have ongoing fees to the franchise, but you will still get their support with things like advertising (think McDonalds’s, for example).

With a business of your own, it is all on you. The idea needs to be a good one that you’ve looked into to see that it is going to work. The control is all yours, and the profit is all yours, but as you’re brand new, not working for an established brand, it can be some work to build up the reputation that you need for success.

It all depends on what you are looking for in life, as neither option is easy. See what will work best for you.


 

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