We have all daydreamed about owning our own business and not having to answer to another person in charge. Unfortunately, most people stop right in their tracks simply because they do not know how to start the journey to become entrepreneurs. Even though there are millions of options you could take, first of all you should decide if you want to start an independent business or become a franchisee. Both options have their benefits and disadvantages; so you shouldn’t rush into making a decision and regretting it afterwards. You should know that, in the end, it all boils down to the following questions:
1. Are you capable of understanding every aspect of the business or do you only master one area of expertise? On the one hand, by starting a business from the ground up, an entrepreneur should have a vast knowledge of all the mechanisms that comprise a business. The entrepreneur needs to create systems and procedures that are going to be tested to see how they would fare in that particular business. Establishing all the little details discourages your everyday entrepreneur while others feel excited and challenged by this prospect. On the other hand, buying a franchise offers you the advantage of having this work already done. The entrepreneur can take advantage of the already existing effective systems that have proved to work in the past. Therefore, we can state that the work of the franchisee is facilitated by only having to run the system correctly and adding their personal management touch.
2. Do you feel confident you can create a name for yourself or would you rather associate yourself with an already established brand? By purchasing a franchise, you also inherit the reputation that brand has build over the years. If you decide to open a McDonalds, customers will already recognize the name and colors specific to the logo. Many people already know what to expect when they set foot in the restaurant, so they will want the speedy service they’ve been accustomed to. However, if you’re looking to build a business from the ground up, be sure that your business will be unique. The downside is that trust and customer awareness is hard to achieve and must be earned in time. Another way you can obtain this is by offering better services than your main competitor through excellence and consistency.
3. Do you prefer to go into business by yourself or do you consider being a part of a community more important? Being an owner of a business – be it a franchise or not – may prove tricky at times. Problems always arise, so you can choose to manage problems by using past experiences as guidelines or you can ask for help from others. A franchisee has the advantage of being able to solve their problems with the support of other franchisees or of the franchisor.
Either way, your goal is to overcome these problems and run a tight ship in smooth waters. My advice to you is to make sure that problems are identified early and solved swiftly and professionally.