Perhaps you received a reasonable amount of capital to invest or being tired of working for your boss, thinking of becoming your own boss. You may be wondering whether you should buy into a franchise? The fact is that these days, you can do an intensive course about a global publishing business offering an unlimited reach to masses of people abroad: This eliminates the need to buy into a restrictive franchise, which often curtails you to a local market. Here are some pros and cons you should consider before making this important career switch.
Buying a franchise has several advantages:
- You have a strong starting point as you join a safe business model and a well-established brand, so the chances that your business will succeed are higher than if you start your own business.
- You can avoid reinventing the wheel and making trial and error mistakes as the franchise system works and is profitable.
- You don’t have to think of the philosophy/culture of your brand.
- You can benefit from reduced costs of buying equipment and inventory, as prices are generally lower for a franchise than for individual businesses.
- When facing challenges, you can benefit from the support of the franchisor and other entrepreneurs.
- You benefit from the reputation and popularity of the franchising brand, both of which would take a long time to build.
- You will find that hiring staff is much easer for a franchise than for an individual business as the brand has a greater recruiting pull.
However, buying a franchise comes with some complications:
- It might be hard to find a franchise that you respect and admire, so if you have a clear idea about your business philosophy and culture you should start your own business.
- A franchise often lacks flexibility when compared to your own business: you must abide some strict rules ranging from the pricing of goods/services to location decoration. Sooner or later, you will start disagreeing with these imposed rules but due to the franchise agreement you will not be able to do anything about it.
- If you are trying to improve unfavourable working conditions, buying a franchise might not be the solution because you are substituting a strict boss with fixed rules about how to run your business.
- Popularity comes at a cost: buying into a franchise is very expensive and very few people have the cash needed. Moreover, the franchise will only be profitable after you have paid the franchisor off.
- The franchise agreement will corset your business and prevent progress and innovation. So, if you are creative, a franchise might not be the right option for you.
If you think that the disadvantages of buying a franchise outweigh the advantages or if you don’t have enough money to buy a franchise, have you considered starting your own Adsense or publishing business. What are the advantages?
- Startup expenses are quite low
- You will definitely be your own boss and make all the decisions related to your business
- You will not have to share the profit
- You can create a business model/system that suits you without having any restrictions
Here is a course that will guide you through the steps of starting your own Adsense business.