- A Dose Of Realism - Franchising A Business v/s Independent Business Ownership
- 5 January 2022
A Dose Of Realism - Franchising A Business v/s Independent Business Ownership
Let’s face it we all have worked a job that takes a heavy toll on life. You constantly feel you are not fit for the traditional 9-to-5 grind. Still, many of us find it challenging to leave the job. But imagine being your own boss. When you want to be in charge of your own life.
You’d have freedom to choose how to spend your time and work on something you are really passionate about and truly enjoy. Starting your business can be thrilling and lucrative. But not everyone has “what it takes” to be a head-honcho. So it’s important to know what you’re getting into before you get started. You want to run your own independent business or you should buy a franchise? Both can lead to exciting and successful business journey. Each entrepreneur must weigh the pros and cons of each option carefully to decide which one is right for your situation and lifestyle.
Define – Plan and Achieve: Independent Business Ownership
Pursing a passion to start your own business requires life-long commitment that drives you forward every day, to succeed both personally and professionally. It requires pushing yourself out of comfort zone from stability and consistent paycheck every month. And that’s incredibly rewarding! When you are your own boss, you find satisfaction and motivation at work every-day. If you believe in yourself, you would be able to run a successful business. Mark Elliot Zuckerberg did with with facebook, Richard McDonald and Maurice McDonald did world’s renowned fast-food company McDonald, Howard Schultz did with Starbucks, and endless other entrepreneurs have done the same through persistence and hard work and grew their companies as national brands. Launching a new business with bare minimum cost of INR 50,000-1Lakh, weather in a self-owned space at home, in your garage or even a small kisok- is significantly cheaper than the cost associated with buying a franchise. And if you are able to survive and beat the curve, your small business can turn into franchise one day. If anyone is planning to start a new business, determining the challenges and threats associated with the startups is the most critical piece of information one must need. One of the most common misconception people have about starting their own venture is the high-stake risk involved in the process. Startup cost requires strategic planning and meticulous accounting. Fortunately, if you are able to identify these risks early and determine on how to work on them, you will up your chances of succeeding in the business.
Most important for the budding entrepreneurs, starting your own business brings you opportunity to be your own boss in every possible way. You set your own timeline. You run the business exactly the way you want to run it. And above all there is nothing like building your own brand and reputation from the ground level and defining it with core values and vision that truly matters you.
Franchising – A Blue Print To Success
Weighing the benefits and cost of franchising against the traditional business should begin with self assessment. Franchising a business is no-doubt a profitable investment. There is not much of brainstorming involved, franchising provides you the opportunity to use some or all aspects of another successful business in partnership, taking advantage of the proven business model, a successful operational program, a solid infrastructure and supply chain along with expert marketing and training support. Research suggests that franchising businesses have better success rate and longevity as compared to the independent business. In short by buying a franchise, you get a turnkey business ready to reap the benefits for you.
Many well-known franchises have national, international or regional brand-name recognition. One of the greatest benefit of a franchise is that you are already buying into a business with a built in customer trust and loyalty, that makes lot easier for the startup franchisees to pull the customers to their doors. It makes it much easier to initiate the operations and grow your sales when you already have the people who well recognize who you are and trust the brand name. Thankfully the founders of the company have already the overcome the challenges of the startup business and over the years have put the systems and solutions to place so that you do-not go through the procedure again and repeat the same mistakes they made. Franchise give entrepreneurs a chance to learn from the experienced professionals and network with other like-minded people who are striving hard to expand their brands on next level.
Conclusion: Hopefully, you are now better acquainted with the pros and cons of owing your own business v/s buying a franchise. If you dream of living your long term goals and are obsessed about your passion, starting your own business to ‘create a value for your idea’ is a undoubtedly a good option. However franchising is proven business model of many successful entrepreneurs that provides you with solid stamp of success.
Most brands are in a hurry to spread their reach by taking franchisees on board. The aim here is to maximise profits…