Should I Buy A Franchise Or Start An Independent Business?
Deciding whether or not to buy a franchise is a very common struggle. If, like many corporate folks, you don’t have a marketable trade, buying a franchise can make a lot of sense. While you may understand business, that business must have a trade focus of some kind. A franchise is going to provide that trade or skill set. A quality franchise offers training, set-up, support, and on-going assistance in running the business. Ask yourself the following questions: Are my chances of success greater on my own, especially if I have to learn as I go? Do I need to buy a franchise for the training and support team behind me? Note that we say quality franchise, not just any franchise.
Personality is a huge part of the decision to buy a franchise. If you’re a particularly independent person and not a fan of other people’s rules, franchising is bound to rub you the wrong way. Franchising requires that you follow the given structure in all respects. I you don’t there will be a heavy price to pay. Frankly, this might be the most important factor for anyone to consider when making the franchise versus independent choice.
Of course, there is an entirely different path to entrepreneurship made up of non-franchised business opportunities. If you take that road, you’ll be taught how to run a particular business, but not be affiliated with the opportunity seller after training. Business opportunity sellers offer to teach you their business concept and then leave you alone.
And last, if you’re trying to decide what type of business, if any, is the right one for you to choose, then take a look at the program we developed specifically for the countless people facing difficult decisions about their entrepreneurship. The Focus Program for Emerging Entrepreneurs will guide you toward discovering and defining your entrepreneurial self and from there your business choices will be made more clear.