So you’re ready to break away from a corporate life and be your own boss. Now it’s time to weigh the next crucial question in the process: should you start your own business or buy into a franchise?
The answer to this question is critical to your success as an entrepreneur. So, you need to make sure you weigh your options carefully. Let’s examine the differences between the two and how this decision will impact you in the short and long term.
Starting your own business often comes with reduced upfront costs as compared to a franchise. Though, even franchises can have a wide range of start-up costs. At OpenWorks, you’ll need $15,000 to secure a territory, which is comparable to the reduced cost of starting your own business. Furthermore, in the long run franchises have lower expenses due to bulk buying power and corporate help with buying your starting equipment. Whereas, starting your own business will inquire greater start-up costs in the long term as you determine what you do and do not need to be prosperous. At OpenWorks, we supply you with everything you need to get started, including qualified business leads, to get you up and running strong.
When you start a new franchise you are joining an established, successful community. That means you will get help for everything from creating a marketing plan, training programs for you and your employees, established brand awareness, and tried and true effective operational systems.
However, starting your own business will afford you the freedom and flexibility to run your business as you see fit from top to bottom. That freedom comes with no outside support, zero brand awareness to begin with, and no proven tactics to become a robust business. When you start your own business you are truly responsible for laying the ground work in your chosen field.
Maintaining the business
After your franchise is up and running you will receive continued support from the franchisor in all fields as well as new and improved brand initiatives. Running your own small business has no such fees, but you will be all on your own on the long road to success.
Starting your own business can be a very rewarding step in your career. However, it also comes with a high level of risk associated with possible failure. Owning a franchise business will offer a reduced risk of investment without sacrificing any of the rewards of owning and operating your own business.
OpenWorks will allow you to fall in the happy medium between these two options. We provide you with training, support, and brand awareness while giving you the flexibility to run your business with your own strategic vision.
Now that you know all the pros and cons of starting a franchise versus starting your own business you can make a well-informed, smart decision about your own future. So, which will it be, franchise or small business?