It’s true that a majority of people who embark upon an entrepreneurial journey of their own are doing so for the purpose of building their own wealth, as opposed to that of others. We’ve also covered motivation for taking this leap of faith—recently discussing the fact that corporate careers are no longer as reliable as they used to be, with an average tenure just over four years. What we’d like to discuss today are your options. And as we see it, you have three of them when it comes to business ownership. You can start a business from scratch, buy a local existing small business or buy a franchise. In today’s FranNet blog edition, we’ll discuss the pros and cons of each route:
Let’s just start from scratch…
You want to own a business, but you want to do it your way—100 percent. You’ve got an idea, but you’ll also have a lot of work to do to get the doors open and the business up off the ground. The pros are easy to identify. You’ll be your own boss (always a plus), the money you make will be yours, not someone else and you’ll oversee how much involvement you’ll see in the day-to-day operation. But the cons? Well, when it comes to financing, site location, marketing, advertising and the multiple business processes that will serve your customers—you’ll be all on your own. All the sudden, it seems a little more daunting, no?
Wait, I’ll just buy Ted’s Burgers down the street!
You know Ted’s Burgers. You’ve been coming here for years. They make a mean cheeseburger and the fries have their own secret blend of spices. You heard awhile back that Ted was looking to sell his business and retire. You know a good thing when you see one, so you’re ready to pounce. You see the upside, but is there a downside? Let’s look. Well, it turns out that Ted thinks highly of his restaurant (sticker shock on the price). Also, his staff really liked Ted. They don’t know you very well. Also, all those lucrative catering gigs that Ted earned won’t be automatically extended once you become the boss. You’ll have to make it on your own. Without Ted. He’s in Hawaii now.
Franchising? You don’t say…
Franchising is your third option if you want to become your own boss. With franchising, you won’t be starting from scratch. That’s because with franchising, you won’t do anything alone. Consultancies such as FranNet exist to guide you through what we call the investigative process. Think of it as an interview where we get to know you, your likes and dislikes and your aspirations for running a business you can call your own. With over 4,000 concepts out there, we believe there is one just for you—with a fit that includes price, location and satisfaction. Franchises, by nature, are set up to follow a set of proven business processes to get you prepared from day one to succeed. Operations manuals cover every detail. All you must do is follow through on the instructions to have the best possible chance at succeeding at the helm of your own franchise. Are there cons? Depends. Like anything else in life worth doing well, you’ll have to work hard (unless you choose the semi-absentee model), but chances are you’ll be well on your way to the best possible route in owning and operating a business of your own.
We’ve covered the three paths which diverge on the course to business ownership. Do you see one that’s right for you? If so—and provided your answer is to investigate franchising—we’d like to hear from you. We’ve made it easy to reach out to us. Just fill out our Roadmap to Success form and a qualified FranNet representative who lives and works in your community will be in touch!
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!