Starting a Business vs. Buying a Franchise

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Information about Starting a Business vs. Buying a Franchise
Business & Mgmt

Published on March 10, 2014

Author: supercutsfranchise

Source: slideshare.net

Description

Deciding whether to start a business or buy a franchise can be a tough decision. Here are some benefits and drawbacks to think about with each.

STARTING A BUSINESS VS. BUYING A FRANCHISE

• Starting a business usually costs significantly less upfront. • Reduced cost risk with franchises, as established business plans are available. • Much more spend on a new business within the first few years, as no customers base exists from the beginning. • Franchisors also help franchisees secure funds needed to franchise. COST DIFFERENCE

• One of the chief benefits of owning a franchise is the instant customer base that you will gain because of the familiarity tied to the brand of the company. This is something that can take several years to achieve with a new business. • Much more guidance is provided to you as a business owner. This can include everything from training your employees to stocking your business and carrying out services. The franchisor has already gone through the process of trial and error for you and can show you the methods that have proven to be the most successful. • It is possible to gain income from your business much sooner with a franchise since most aspects of getting the business started are ready to go. • Franchisees will have more support than an individual business owner and will receive things such as training, marketing assistance and general corporate support. • Even though there are regular franchise fees that need to be paid, much of that money will go toward aiding you in the success of your business. BUYING A FRANCHISE

• More freedom. • Higher risk. • Long hours working as there is typically no support system. • Large rewards after business succeeds. • No franchising fees. STARTING A SMALL BUSINESS

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