When entering into the big, wide world of business, there are so many questions you need to ask yourself. One of the most prominent is if you should start up a business afresh, or, go into a franchise? There are cases for both when starting out, so let’s have a look at what franchises and startups can do for you, but also what they cannot do for you.
Franchises
The first thing when you’re buying into a business that has been established previously is that you’ve got greater brand awareness, Avon being a great example of a company that has numerous franchisees, but a global presence. For someone starting a startup, this image could take years to realize. But in addition to this, when you’re under a franchise, the resources you have are numerous. Not only will you have support from the franchise provider, but there will be other aspects that you can take advantage of, such as franchise marketing, how-to guides, and support in getting more custom. Ultimately, a franchise is a structure that can, in many ways, take the pressure off you. But, you still could find yourself feeling pressure in other ways to make money, especially if it’s an oversaturated franchise. On top of this, you might not feel that you are working for yourself, but rather an employer.
A Startup
Conversely, a startup is yours to shape as you see fit. A lot of people start their own businesses because they are fed up of the rigmarole of the nine to five working week, but with this idea of freedom, comes the paradox of freedom. This is something that many aspiring entrepreneurs can fall into. While it’s liberating to run your own business, you can still find yourself bound by your own limitations. If you are unsure as to how you can run a business successfully, you might find yourself investing more working hours than a standard employee. And as is the overused statistic, 9 out of 10 startups fail within their first year. And while this could be down to numerous mistakes, the numbers speak for themselves, this means you’ve got to put in that preparation and legwork into ensuring your business survives before you get it off the ground.
So should you go for a business or franchise? There are arguments for both. But what we cannot underestimate is the idea of freedom in running any sort of business. Whether you are a franchise or completely self-employed, the trappings are the same. You will still have to do your own taxes, for example. When we start out in the business world, we can make numerous mistakes, because we never been involved in this kind of arena before. And while, from the outside looking in, running your own business, whatever the form, is a great way to achieve some sort of freedom, it is! But on the other hand, you need to consider the other areas that can weigh you down, such as the impact on your personal life.
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