A dream for many Americans today is to start their own business. The perks of being the boss and making a difference in the local and global economy have intrigued many. In fact, the number of small businesses established each year continues to rise. The question that many have before getting started, however, is, should they build their own business from the ground up or should they consider a business venture such as a franchise. There are up- and downsides to both, which you’ll read below. However, the one you choose will come down to a few factors, your personality and willingness to succeed, your finances, and your knowledge of the market.
Franchise vs. New Business
Franchising is a method used by major corporations to expand the distribution of their goods and services. An established franchisor provides opportunities for third parties such as yourself to enter into a licensing contract which would allow you to conduct business under their brand. Franchisors also provide franchisees or those interested in an operating system, support, and more.