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.
Control
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.
Most 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.
Training
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.
Location
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.
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
