Tuesday, March 25, 2014

Franchise Verses Traditional Business Owner - Which is best?

Many people dream of opening their own business but they are unsure what avenue will be best for their personality, time and money. Is franchising or being a traditional business owner best?

You must weigh the benefits and costs of both and determine which best fits your needs, life style and personality.

Here are six areas you should consider.

When you start your own business, you're in control of every detail, large and small. This can be a blessing and a curse.  With a franchise business, you control your franchise unit in terms of the culture and values you set, and who you hire and fire, but you must follow the franchisor's operating system.

Business Operating system
If you're the creative, innovative type, starting your own business is the way to go. Most franchised businesses provide a complete, out-of-the-box ready to use operating business system.

Brand Awareness
Building brand awareness takes time and money. The advantage for franchise owners is the brand has been established over years or decades. Customers seek out the reliability and familiarity of their favorite brands.

Commercial Business Locations- Sharp Realty, Birmingham AlMost Franchises have a set amount of money to spend on marketing or it is pooled together into a national marketing campaign. 

A single business owner must set aside money and/or time to do the marketing for the business. 

Equipment and supplies
Pros and Cons; Outfitting your new business with everything you need means researching what equipment to buy, finding suppliers, and negotiating deals. The pro is you can be creative and think outside the box.  The con is it can cost a lot of time and money with a small margin for error.

Franchisors can provide invaluable help in knowing both what and how much to buy - often at reduced prices and they have the styles picked out for you.

You may be the best at what you do, but do you know how to manage a business, hire and train employees, market your product or service, keep the books, etc.? When you start your own business, you must learn all these things or hire someone who does.

Franchisors provide new franchisees with extensive training in every aspect of their new business.

We have all heard, location, location, location!
As a small business owner you need the best location to attract the buying customers to your store front. Doing research and contacting an experienced Commercial Realtor who knows your area is all part of starting on your own. 

Commercial Business Locations- Sharp Realty, Birmingham Al

Most franchises have done all the research for you and they know where you should open your store front.

No matter what you decide, run your business with passion and determination to succeed!

Sharp Realty, LLC.
400 Union Hill Suite 300
Birmingham, Al. 35209
Phone: 205-879-1995

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