If you’re determined to start your own small business, you’ve got several choices. You can start a business from scratch, buy an existing business, or acquire a franchise.
Each choice carries pros and cons. While buying a franchise isn’t for everyone, there are some distinct advantages such as:
- A proven business model. Instead of learning it all on your own, a franchise offers proven systems and processes to make money. The most important asset of any franchise is its Operations Manual, which tells you how to run the business successfully.
- Buying into a recognized brand. Everyone knows what to expect from a Tim Horton’s coffee shop, a McDonald’s restaurant or a Jiffy Lube. A good franchise carries a trusted and well-known brand name, something do-it-yourself entrepreneurs must build by themselves.
- Buying power. As part of a franchise network, you’ll enjoy economies of scale which should save you money when you buy products or services.
- Support from the franchisor. You’ll never be alone as a franchise owner, with access to ongoing support, advice and assistance from your franchisor. Successful franchisors have “been there and done that” in all areas of business operations. Access to their experience and expertise will help you to avoid costly mistakes.
{ 3 comments… read them below or add one }
You make very good points, especially the branding and the support one will get from other franchisers. I’d also suggest buying an existing business. It’s similar to buying a franchise, but I think there’s more freedom in it. You don’t have to answer to the hand of the corporation. I’m looking to do the latter and buying a business. In either case, I found this website called BizTrader.com where you can buy existing businesses, both franchises or not. It’s a good place to find a small business on the Internet. Definitely worth checking out sometime.
@Alex — thanks for the suggestion. I’m checking out the businesses on biztrader.com, and I like how there’s a Canadian audience as well. Good global marketplace for small business.
Thanks for sharing this article, owning your own franchise business can be rewarding and a great way to make a living but involves a lot of dedication and hard work, check out this site http://www.franchisefordads.com
gives visitors access to a large variety of resources when looking to start their own Franchise Business.