Franchise or new venture? That depends upon you.
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“MUST I take up a franchise or start my very own company?” That is an extremely tough question, as successful franchise ownership takes a very specific mindset. Most successful franchise owners will be able to effectively combine a solid entrepreneurial spirit with a willingness to check out proven systems.
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That combination is difficult to find and a franchisee who lacks either attribute will probably struggle. The franchisee who lacks an entrepreneur’s dogged determination could have a tough time coping with profit-margin fluctuation and other business-ownership risks. The franchisee who lacks the discipline and desire to check out franchise systems will alienate him or herself from the franchisor and neglect to deliver experiences customers expect from the brand.
Now, at the chance of oversimplifying this highly complex process, we’ll focus on a quick overview to greatly help franchise prospects determine if it seems sensible to stick to their job, pursue franchise ownership or launch their own business. Consider the next statements:
Employee: If the risks of business ownership scare you and you do not have an entrepreneurial spirit, business ownership is probable not for you, whether your own or a franchise business.
Creative entrepreneur: In the event that you have a very creative mind that feels constricted by boundaries and models, starting your own business is probable your very best bet.
Executive entrepreneur: When you are comfortable operating within a successful system and value support over autonomous freedom, franchising could be for you personally.
Of course, you ought not make your decision predicated on which bullet fits you best. Those are simply just conversation starters designed to assist you to explore your skills, personality, preferences, etc., comprehensive. Should you be seriously interested in owning a franchise, I would suggest dealing with a franchise coach who might help you explore companies that fit your preferences.
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Listed below are the first three questions you should look at when deciding between running a franchise and owning your own business. Use these as reference points when discussing business-ownership options with a franchise coach.
Are you a business owner at heart? As stated above, business ownership of any sort requires an entrepreneurial spirit. You need to be ready to act swiftly, lead confidently and accept full responsibility for your business’ future.
Just how much control do you will need over the business enterprise? Access to a recognised brand and proven systems are two of the largest advantages associated with owning a franchise business. However, franchisees must devote themselves to training and follow the franchise model willingly to seriously take advantage of the franchise brand. In the event that you constantly seek to create changes/tweaks to boost systems and prefer total control, franchising is typically not for you personally.
Just how much risk do you want to assume? Buying right into a franchise system allows companies to reduce the risks they face as a business proprietor. In substitution for a monthly royalty fee, franchisees receive significant support from their franchisor.
Support falls in to the following categories: training and support, infrastructural backbone, franchisee community and re-saleability. Together, these categories represent the worthiness proposition of franchising. However, even the very best franchise system still requires successful business operation by each franchisee at the neighborhood level. The risk connected with this is a thing that should be a motivator for you personally.
Remember — that is an extremely tough decision. While these questions will you determine whether business ownership is for you personally, they do not assist you to determine what sort of business is right for you personally.
Make sure to surround yourself with a fantastic team of advisors who might help you pinpoint a viable business-ownership opportunity.