Entrepreneurship is a common dream, but rarely has a one-size-fits-all path to success. That’s partly because many business owners enter that journey for different reasons. Perhaps you’ve wanted to open your own business so you can have more control over your schedule, creating greater work/life balance. Maybe you’re tired of working hard to make another person’s business a success, or it could be time for you to take greater financial control. No matter your reasoning, it’s important to figure out how you’ll enter entrepreneurship.
Franchising allows you to own a business with a proven business model without needing a lot of experience. Here how the benefits of franchising stack up to starting a business from the ground up.
Invest in a Franchise or Go Your Own Way?
You want to go into business for yourself and are trying to decide between starting a business from scratch or investing in a franchise.
Whether you start your own business or buy a franchise can depend a lot on your personality. Before you decide which way to go, there are some things you should know about each option, so you’re prepared to make the best choice for your temperament and goals. Either choice will require passion, enthusiasm, dedication, commitment, and hard work.
Building a Business from the Ground Up
If you’ve had a dream business in mind for years, an idea that just won’t leave you alone, an itch you simply must scratch, starting a business from scratch just might be the best route for you. Creative minds with a high tolerance for risk fit the personality profile of those who thrive starting their own businesses.
There are some specific things you need to do to get your business up and running:
- Make a business plan. Define your mission and your goals and how you plan to get there.
- Create a marketing plan. People need to know who you are, where you’ll be, and what you’ll be offering. Reach people through advertisements, social media,
- Create branding, a logo, and your signage. This is how customers will come to identify you.
- Finance your business. Raise the capital you need to open and run for a time before you’ll see profits.
- Find a location. Any viable business needs a great location. Be visible, accessible, and inviting. Also, your location must align with your budget.
- Hire and train staff. A good team that represents your business well and is reliable is essential.
- Build vendor relationships. You’ll need a steady flow of supplies you can rely on.
The upside of owning your own business includes having total control of all the decision making. You own the rights and earn all the money. You also shoulder all the responsibility. And since your new business is unproven, you’ll be working out the kinks and taking all the risk, not knowing when you’ll start to see profits.
Investing in a Franchise
If the desire to start a business exists but your plan or direction is somewhat fuzzy, buying a franchise might be a great way for you to own and operate a business minus some of the unknowns.
Here are some benefits of franchising you should know about before investing:
- You’re buying into a business with a proven way of operating and a track record of success. You’re given a blueprint to follow and support to help you succeed.
- You can open quickly since everything you’ll need is already in place.
- Marketing, technology, and training are provided by the franchisor.
- You’ll have ongoing support from the franchisor and can draw on other franchisee’s wisdom and experience.
- Financing can sometimes be easier since lending institutions like the predictability of a franchise’s performance.
- Vendor relationships have been established by the franchisor. You can rely on better bulk pricing and more reliable supply chains.
Buying a franchise can be a simpler way to own your own business, one where you have support, a proven plan, and don’t have to build brand recognition since the business is already well established in the minds of customers. Initial costs can be higher, and you’ll pay royalties to the franchisor but that comes with more security and stability.
The Benefits of Franchising with RockBox Fitness
Our boxing franchise is different