New Business vs. Franchise Venture: Important Questions to Ask Yourself

Successful small business owner standing with crossed arms

One day you will wake up and realise that you want to start a business. The question is, should you get a franchise or should you start from scratch? This can be a tough decision because you do not want to shell out funds for something that will eventually fail.

Despite the risks involved, you want to make sure that you choose the right venture that you can handle. Signarama suggests that you ask yourself the following questions when assessing your options.

Is entrepreneurship a passion to you or just a way to earn money?

There is nothing wrong with wanting to earn more. Still, owning a business requires some type of entrepreneurial spirit to at least have a shot at success. You have to be more than willing to be responsible for everything, learn to lead confidently and act quickly for the future of your business.

How much control do you want throughout this new business?

The two major benefits of running a franchise venture are proven systems and access to a recognised brand. Nevertheless, franchisees must still undergo training and be willing to abide by the franchise model to truly profit from the brand. If you always want to make tweaks to enhance the system and choose full control, then franchising may not be for you.

How much risk are you prepared to handle?

Getting a franchise lets business owners reduce the risks that they may face. Franchisees can collect substantial support from the franchisor in return for a royalty fee per month. Such support includes re-saleability, infrastructural backbone, franchisee community, and training and support. All these categories embody the value scheme of franchising.

Keep in mind that you have to think things through to guarantee that you invest in a business that is right for you. The questions above will help you figure out the type of business that you should go for.

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