You want to run your own business. While that comes with a certain amount of freedom to make decisions like a boss, it also means you have to decide on whether to start from scratch or buy into an existing business.
As an entrepreneur, you're responsible for every detail—from choosing a niche market to building a brand. On the franchise side, you're buying into an existing brand, so you already have some momentum behind you.
Read on to have a closer look at the benefits of buying a franchise vs. starting your own enterprise.
Either option will require you to make an up-front investment to get started. However, while a bank might be hesitant to loan you money for your startup idea, you may have better luck going the franchise route. That's because you'll be able to show the proven track record of the company you're planning to franchise with.
Even if you're denied by a major lender, there's still sometimes the option to secure financing through the parent company of a franchise.
When you're doing your own thing from the ground up, it may be difficult to find the right help. You're basically on your own to learn the ins and outs of the business.
However, which a franchise model, you often will get training and ongoing assistance from the parent company for day-to-day operations. The support may extend further than that—you can also benefit from national advertising campaigns.
For example, a BooXkeeping franchise is a great option because it provides the required marketing material. It also offers a comprehensive training program that includes training in sales and networking.
As a franchisee, you might also be able to take advantage of existing product supply chains.
It's true that buying into a franchise means you will likely have to follow a set of established rules. However, some franchises are open to hearing from their franchisees to help guide future decisions. With both models, you'll be responsible for decisions such as who to hire as well as creating your own schedule around other obligations.
Even sole proprietorship entrepreneurs may end up having to answer to someone, especially if they enter into a partnership or end up with a board of directors. There may also be outside investors that are expecting you to turn a profit quickly so they can see a return.
When you start from the bottom you have to create your own brand awareness. That can take a lot of time and marketing dollars to establish a name in the industry.
When you choose to franchise, you're joining an established company that people are already aware of. That means you can hit the ground running, and focus on growing your customer base.
Learn The Benefits of Buying a Franchise
While being an entrepreneur might mean a bit more freedom, it can also mean more risk when it comes to securing financing and operating.
The benefits of buying a franchise are that you're joining an existing brand with processes and marketing already in place. You can also count on a parent company for ongoing support to help you succeed.
To learn more about the benefits of buying a bookkeeping franchise from BooXkeeping, contact us today.