Ready To Own A Franchise? Here's 3 Signs To Let You Know
Ready To Own A Franchise? Here's 3 Signs To Let You Know
For the most part, we all want to live the American Dream. Now we all have different definitions of what the American Dream means to us, but the one thing that can't be denied over the last decade or so is that working in a job will NOT get you to your American Dream.
It's no secret that the wealthy in this world have one thing in common... They own their own business, or businesses and they control their own destiny. The real question we have here is not determining whether owning a business is the right move, but should you choose a franchise operation or start a traditional business.
I'm going to break down 3 characteristics in this article that will let entrepreneurs know if owning a franchise is the better move instead of starting a traditional business. So let's get going!
1. Your aversion to risk - One of the biggest factors for entrepreneurs is knowing how much risk you're willing to take with a new business. In traditional business, you can win big but you can also lose big too. The wealthiest people today aren't franchise owners. They are traditional business owners that might have franchises as part of their model.
The risk associated with owning a franchise is predictable and usually much lower than a traditional business. On the flip side, if you have visions of making it big with a franchise, the reality is you're going to have to own multiple operations to make that happen. Bottom line is you like a small to medium amount of risk, a franchise might be good for you.
2. Your creativity, or lack thereof - This might be something you never thought about before but running a traditional business requires you to wear a lot of hats. You have to be knowledgeable in marketing, operations, sales, inventory, human resources and so on. The reason creativity is a discussion point is because you might have to get very creative to solve a problem in a traditional business. You don't really have the backing of a big corporation to help you.
However, with a franchise, you don't have to be quite as creative because the franchise company either won't let you go outside of the box or they have the resources to solve the problem that you can't solve yourself. The franchisor usually makes all the decisions when it comes to marketing, systems, solutions, etc. If you are a very creative person and likes to try new things, then a franchise might not be for you. But if you like more of a turn-key approach where you don't have to solve all the problems, then go with a franchise.
3. Your comfort level with planning - One of the most common areas entrepreneurs fail in is planning, or the lack thereof. Way too often business owners start a business and they never make a business plan or a marketing plan. They just go to work and hopefully they learn on the way without making too many mistakes. In a traditional business model, that's the 'kiss of death'.
With a franchise, most of the planning, if not all of it, is already mapped out for you. Usually both the business plan and the marketing plan are already done. All you have to do is follow the directions. Franchises do work because of their systems, which in reality is what you are buying. So if you're honest with yourself and you know you don't plan enough (or at all), then maybe a franchise is the right move for you. Sobia Nazir Summer Lawn Collection 2011 Best Franchises To Buy - Franchise Opportunities An In-Depth Look At Owning A Subway Franchise Discover Gauteng in South Africa Great Beach Theme Party Supplies And Invitations To Choose From Keeping the rules in mind in a strip club The best and easiest way to become a strip dancer Wanderlust: Ireland Swings Travel First Aid Kits Five Unbeatable Reasons To Buy African Mango Plus Flexible Air Freight from the UK to Lagos, Abuja, NewYork, Washington, Ghana etc Comparison of Materials of Bags Tibetan Festival Guide