So you want to make the jump to self-employment but you’re not sure if you should start your own business or invest in a franchise. We compare the advantages so that you can make a choice and decide which is best for you.
Franchise businesses are proven to have higher success rates than starting a business from scratch. Since franchises take a working model or system from another business, franchise business owners will be able to use this to grow effectively. In addition to this, franchise business owners also receive a lot of support from the franchisor including training, software, and systems. The ongoing support a new business owner will receive could be key to helping them succeed in their new venture. In comparison, a startup business will not have ongoing support. Should you choose to launch your own startup, it may be worth considering where you can find support and create a valuable network of like-minded entrepreneurs in your industry.
As a franchise business owner, not only will you have invested in a new business with a proven business model, but you will also be inheriting the company’s brand recognition. As a new business, this could help you to attract your customers. A startup business will need to identify the audience from scratch and it could take some time to establish rapport with new customers.
Investing in a franchise business will, of course, have fees involved and you will need to consider the monthly cost for using the business name. You can find out more about Home Care Preferred’s fees here. As a startup business, you will need to give consideration to the fees involved in launching your own idea, for example, a product launch could require manufacturing, or you may need to open the business in a shop.
If you are an innovative entrepreneur a startup could be a better option for you as a way to launch a new business idea as this option provides freedom to develop your product/service or idea as you wish. However, building your franchise business may not give you the same amount of freedom to develop. You should discuss this with your chosen franchisor to understand how you might be able to help develop new services or products for the franchise.
It is worth considering both options before making a decision. If you are unsure whether you want to launch your own business or invest in a franchise speak to our team. We’re on hand to provide you with all of the franchising information you need to enable you to make a comparison and decision as to what’s best for you, get in touch.
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Tags: Business, Entrepreneur, franchise
This post was written by Home Care Preferred