When you are sure you want to be your own boss, you want to be sure you are giving your new business the best opportunity for success. Should you purchase a franchise or should you go it alone? Here is a look at what the different aspects of starting a business are like with a franchise versus going it alone.
Creating a business plan
Franchise: One of the biggest bonuses to opening a franchise is that your franchise will come with a proven business plan. The kinks of the plan have already been hashed out. With a franchise, you can implement a step-by-step plan to business success.
Going it alone: When you open your own small business, you have to create your business plan from scratch. As your business grows, you likely will have to adjust your business plan based on the trial and error of running your own business.
Franchise: With a franchise, you will get training from the start. From learning the basics of running a business to the ins and outs of running your specific type of franchise, you will get the training you need to successfully run your own business.
Going it alone: When you go it alone, you are left to undertake training on your own. You will have to determine which information and skills you will need to open and operate your business, and you will have to find the best resources for learning those skills.
Franchise: All franchises come with ready-to-go branding, and many already have solid reputations and good brand recognition. That gives you a leg up on marketing. On top of that, you will get a marketing plan you can use to promote and grow your business.
Going it alone: When you open your own business, marketing will be one of the most difficult elements to tackle. You will have to determine your brand and face an uphill battle to put your brand, product and services out before the public. As a new business, your ultimate success largely will hinge on your ability to market your business well.
Franchise: Whether you’re selling products as part of your franchise or you need goods for your daily operations, your franchiser will recommend suppliers to suit your needs, and you may be able to take advantage of lower pricing because you pool your buying power with other franchisees.
Going it alone: When you go it alone, you are responsible for identifying potential suppliers. You will have to research products and pricing, establish contracts and build relationships from scratch with your suppliers.
Franchise: Opening a new business comes with risks, and franchises are no exception. However, franchises have far higher success rates than standalone startups. Plus, you will have support when you need it when you start a franchise.
Going it alone: You have a greater risk of failure when you go it alone in opening your own business. And you will have no one to turn to with questions when you run into problems with your new business.
If you are ready to open your own franchise, call SirVent! We can get your new business off to the right start, and we will help you grow your business over time.