If you’re considering embarking on a new business venture, there are definitely plenty of opportunities which can be had. Deciding whether to go for a traditional business opportunity or start a franchise could be one of the main decisions you make when pursuing your new business venture. When it comes to starting a business, both of these pathways come with their own distinct set of advantages and drawbacks, and it is up to you to decide which will be the best option for you. In order to help you do just that, we’ve put together some of the key factors which will likely influence your final choice.
Freedom of Product Choice
When you start your own business from scratch, you’re free to do with it whatever you like. This applies to not only naming your business and building a brand, but also things such as the types of products that you choose to sell or the services you market to your customers. However, with a franchise opportunity, there are more limitations. You will need to operate under the franchisor’s name, and only sell products and/or services that are authorised by them. If you want to sell established products which are tried and tested then a franchise may be the best option, however, for those who want complete freedom to sell whatever products they choose, a traditional startup is the best choice.
Support and Help
If you’re starting your own business, making sure that you have the right help and support network available to you is essential. Networking and building good relationships with individuals who can offer you this support can take time, and you’ll need to be willing to put in as much effort as is needed in order to ensure that you have people who you can turn to when needed. However, when you start a franchise business, the support network comes built-in. Franchisors are dedicated to ensuring that their business is a success, therefore they will never let franchisees go it alone. Instead, you’ll have access to a round-the-clock support network who’ll be on hand to give advice on how to ensure that your new company is a success whenever needed.
Weighing Up the Risks
When you start any type of business, it’s always important to understand what the risks are. Entrepreneurship is never risk-free, as there’s always the chance of things going wrong and your business taking a turn for the worst. If you’re going down the route of a traditional business, you will need to understand that there are a lot of risks involved, for example not being accepted for funding or losing customers. With a franchise, there tends to be a lower level of risk due to the fact that you’re starting a business which has a brand and customer base established, a network of experienced professionals behind you, and marketing materials which have been tried and tested.