When it comes to making a living, you may want to be your own boss. In fact, this is a popular choice; studies show there are 28 million small businesses in the UK alone. There are many rewards for this position and enjoying a more flexible schedule is just one of these. However, you may be torn between deciding if you should start your own business or open up a franchise. If this is the case, take time to explore the pros and cons of both
Investing in a Franchise
The good news is when you open a successful franchise much of the work will be done for you already. The product or service will be created already and you’ll simply have to open your store.
Pros of franchises:
- There is a very low failure rate when you invest in this option and this can give you more peace of mind when it comes to making a living.
- You’ll be able to get a great deal of business support from others that can be extremely helpful.
- This could be one of the least expensive ways to open a business that you’re in charge of running and is considered to be one of the best franchise benefits.
Cons of franchises:
- There may be more rules and regulations that must be followed. There is typically a contract you will need to sign before starting a franchise.
- The amount of success you can enjoy may lie in the hands of others. There are some third parties involved in a franchise and some decisions you may not be in charge of.
Starting a Business
If you are more interested in creating your own business, this is something you will want to know a great deal about beforehand. There are many ups and downs for most small business owners and researching the advantages and disadvantages before starting is imperative.
Pros of starting your own business:
- You are in charge of what you create and don’t necessarily have to rely on others. You may have invented a product that you’re proud of and want to sell on your own, so you get all potential profits.
- Personal satisfaction from starting your business from nothing and working to be a success.
Cons of starting your own business:
- There is a high failure rate when it comes to starting a business on your own because of the higher costs that are involved versus that of a franchise.
- You won’t have a lot of business support unless you pay additional money to receive it.
- You may be forced to work a lot of the time; some business owners put in 80 hours a week or more to be successful.
- You will need to create the entire structure for the business. This can be difficult for some new business owners to accomplish alone.
- You need to research to find the right service providers on your own. It takes time to build an A team of accounting professionals, web developers that can develop high speed applications, lawyers and other experts.
- The brand you’re trying to sell most likely won’t be as popular as that of a franchise, and you may have problems making a profit as quickly or at all.
The key to making the right choice for you when it comes to starting a business or investing in a franchise is to get all the facts and do what’s best for you. Be sure to do your research and choose wisely. Both options take a great amount of work to make the profits you need for the lifestyle you hope to have.