Independent Versus Franchise: Which one is for you?
Each month we receive many inquiries from prospective entrepreneurs wrestling with the issue of choosing an independent versus franchise business.
Taking it slow in order to choose the best path for you and your pocketbook is correct. And know that hundreds of thousands face tough decisions about self-employment. Beyond the basics in this article consider using the Focus Program. It definitely helps with the issue of independent versus franchise options as well as many other issues.
“I’ve worked in the automotive industry for years and now I think it’s time for a change. I have other job options, but I really don’t want to be an employee again. I feel that other people have controlled my salary for too long and I want to take a chance at creating my own income. My question is starting an independent versus a franchise business.”
You’re not alone
Your dilemma of independent versus franchise business is faced by nearly everyone thinking about self-employment. You can do it on your own or you can join a group of people like yourself. The question is simple, but the answer will take some thought. You are faced with choosing between an independent versus franchise environment and you have to weigh out the pros and cons of each. There are franchises in that category and you might consider purchasing one of them. However, based on the fact that you already have a marketable skill, you can also go the independent route by starting out slowly, advertising your services locally, and keeping your job until the business is paying you enough to quit and work for yourself full-time. Here are some things you will want to consider on the road to self-employment.
Independent versus franchise businesses can vary greatly in many respects.
Most people who work a 40-hour workweek tend to think that they are working hard enough, and that is especially true for people who don’t like their job. The entrepreneur on the other hand, spends free time and weekends planning, reviewing and reworking the business. The 40-hour workweek with benefits and holidays off becomes a thing of the past at least in the start-up phase. So the first thing is to forget the independent versus franchise question and decide if you are ready to invest the time required to build a successful business while your past co-workers are enjoying family BBQ’s. You’ll be busy with your new spouse, the business. But, if you love your business, no job can touch that way of life.
Your present skill level
Accomplished trades people have an advantage in many respects. Those with the skills required to perform in a chosen business are miles ahead of their unskilled counterpart. Whether it’s food preparation, printing, or home repair, if you know the business you can lean toward independence. Support services such as a website, sales or bookkeeping are available for hire.
On the other hand, the idea of running a business, especially for first time owners, can be intimidating. When it comes to an independent versus franchise choice, you have to decide if the franchise offers critical pieces of the business that you do not have, do not understand, or choose not to deal with. For example, if a franchisor provides pricing guides, fee schedules and a proven marketing plan for getting you business, and you have none of those skills, you might be better off joining that team.”
Take your time – Do your homework
You, the reader, know there is much more to the issue of independent versus franchise ownership than just this brief exchange, but it gives you an idea of how the process works. Consultants can help you with decisions if they actually have a system and experience in the personal counseling area. But, that does not mean working through a franchise broker who is motivated by selling you on a concept that they represent for a commission. Be sure to examine the information on Buying A Franchise that is found elsewhere on this site.