Should you buy a franchise or go it alone? If you are looking into starting a business, this is one of the first considerations you may have. Passion and enthusiasm are key ingredients in business ownership.
Higher Success Rate
Franchises are proven systems. Therefore, you are buying into a turn-key business that is ready to plug you in and start generating you income. All capital requirements are accounted for up front.
Starting your own business can end up costing you 10X as much in trial-and-error as you try to determine how to make it successful. You will want to be sure that you have enough in capital to support the business during its development phase.
A great franchise system will provide you with amazing support. This includes training and implementation practices of the proven systems for daily operations. It will also help you to improve your business acumen at the same time in order to guarantee your success.
If you are new to the business world, not only are you developing your concept, but you must also learn every aspect of how to run a business. You don’t have anyone invested in your personal business development skills but yourself. Even investors only care about their return, not if you actually know what your doing. Franchisers understand better than any that if you succeed for the long run, so do they.
If you are what Mark Siebert calls a “Flaming Entrepreneur” then owning a franchise will not be right for you. However, if you are more interested in following someone else’s lead with proven success, while maintaining a generous amount of creative thinking and entrepreneurial innovation, then franchise ownership is perfect for you.~Andrea Foley, Founder of The Darling Group, LLC
Are you ready for business ownership?
There are specific personality types that should and do go into business for themselves. There is no wrong or right. If you faint at the sight of blood, should you become a surgeon? Probably not, you are not well suited for that career.
If you are terrible at math or hate numbers, would you really become a CPA? You get the point. There is a “type” of person that is cut out for the risk taking, number analyzing, people managing, leadership inducing role of business ownership. Are you one of those people?
Here is a simple Quiz to help you determine if you are on the right track to business ownership or you should just get a new job.