Buying, Starting a Business or Franchising

 Question: Should I start a business, buy an existing business or purchase a franchise?

Answer: When you either start a business or buy a business you are pretty much on your own, but if you buy a franchise, you are part of a network of other franchisees with a brand and proven formula for sales. The power of the franchisor is behind you in your sales and marketing efforts. In starting or buying a business, you are all alone, but with a franchise you get training and guidance from the franchisor. The loneliest part of business ownership is not having a network for advice and counsel, but with a franchise, you have other franchisees. Remember, just like buying or starting a business there are financial commitments that have to be made. In a franchise, you have a franchise fee and on-going royalties. Those need to be thoroughly evaluated. And, with those fees and royalties come a contract that restricts what you can do vs. the freedom you have when you are on your own. Making sure you understand all the details is vital to your success.

Source: Simple Steps for Starting Your Own Business – SCORE/BoA

Back to list of topics