While starting a business from scratch offers one total freedom over both day-to-day and big-picture operations, buying a franchise is widely considered a safer route, especially among first-time buyers. And, that’s for a good reason; less than ⅓ of businesses survive long-term. There is no right or wrong answer, but understanding the advantages and setbacks of both opportunities will help you decide what’s best for your situation. Keep reading to learn whether starting a business vs. buying a franchise is right for you.
Aspiring entrepreneurs are attracted to the idea of becoming their own boss, but that can come to fruition in other ways than building a business from the ground up. Learn more about these two types of business structures below.
Although the success rate tends to skew more towards franchising, starting your own business can be worthwhile. Both opportunities require hard work and immense dedication, but you have to be willing to go that extra mile when starting a small business. You’re required to take many additional steps, such as establishing a business model and generating brand awareness, which are two make-it or break-it factors in an enterprise’s success. Still, the allure of having total control could give independent businesses a slight edge over franchising. It’s up to the business owner to determine what elements are most important to him or her.
New business success is contingent on a lot of factors; demand, brand awareness, and ultimately having a great business idea. Franchisers handle these responsibilities for you, which reduces your risk of failure. They have systems in place to help franchisees navigate through the more challenging aspects of business ownership. If you’re interested in franchise opportunities, consider the following advantages:
If becoming an entrepreneur in 2020 is one of your goals, we encourage you to consider the advantages of buying a franchise vs. starting from the ground up. The franchise system takes the guessing out of business ownership by providing a framework for success. Let one of our international teams guide you through the buying process. In addition to working with independent businesses, Sunbelt Business Brokers also represents franchises. Locate your closest office to learn more about franchise opportunities in your area.