Franchise or independent business?
Many people ask us here at Franchise Supermarket, should I buy a franchise or start a new independent business? We can never answer that question for you, that's down to you. But we can help.
The most successful franchisees are those who have entrepreneurial spirit but a willingness to follow a proven system. A franchisee who lacks either of those skills will more than likely not make it past the first year. You will need an entrepreneur ‘never give up’ attitude to deal with tough times associated with business ownership mixed with the discipline to follow a franchise system that delivers the service or experience the client expects from the brand.
Before we go into more detail, lets over simplify this process by asking you which of the following three options you see yourself in.
Remember this isn’t a guarantee, this is just what you should be asking yourself before making that next step:
- If you feel the risk of business ownership scares you and you are worried about the associated risks that come with it, then running any business whether it be franchise, or your own independent business is probably not for you
- You want to run your own business but do not like the sound of someone telling you how to operate, then starting your own independent business is likely your choice
- You want to run your own business but feel comfortable with operating within the guidelines that the franchisor has laid out and value the support given, then franchising may be for you.
Am I entrepreneurial?
Business ownership, of any kind, requires an entrepreneurial spirit. You must be willing to make tough decisions that don’t just affect you, act swiftly, lead with confidence and accept the businesses future is your responsibility.
Do I need to have all the power?
An established franchise comes with a proven system that has worked on a national scale and is just one of the many advantages of becoming a franchisee. Franchisees however must be willing follow this model, and listen to advice given by the franchisor, this includes completing training.
Risk? What risk?
A franchise system allows you gain all the knowledge that the business has acquired to make your business a success. For a fee at the start, and ongoing royalty fee franchisees receive training, manuals and support from their franchisor. The fact that the franchisor wants you to succeed as much as you want to help you minimise the risk of starting a new business.
So now you must decide. This article is designed to help you determine whether business ownership is for you, not the type of business. Before making any financial commitment, you must ensure you have all the relevant information and all the answers to your questions. Research, research and more research.