Have you come to these crossroads in exploring small business opportunities? If you haven’t, this needs to be a consideration for you.
If you’re exploring small business opportunities, you’ll inevitably come to a pivotal question, do I choose invest in an independent startup or invest into a franchise model?
There are pros and cons to both options and in this video, we explore the benefits and potential pitfalls to either small business opportunity.
These differences are accentuated in this free infographic http://blog.bintheredumpthat.com/infographic-comparing-franchises-and-independent-businesses
Here’s the deal…
I award franchises; that’s my calling. However, being as objective as possible, I recognize that franchise opportunities need to marry well with the candidate.
For the individual looking for complete autonomy in their business venture, an independent startup is a better opportunity for them. Those that want to invest in an established and proven business model are better off looking at a franchised business.
Another aspect of franchising that candidates and franchise operators have gravitated to is ongoing support from their support team or home office. At Bin There Dump That, we have a dedicated support team that applies practical expertise in national marketing, financial management, digital marketing, fleet management, etc. to the franchise system.
Here’s what else you’ll want to know…
Other considerations when comparing the two business opportunities include:
• Startup costs: Franchise businesses have some startup costs, including licensing fees. You’ll benefit from lessons learned by the mistakes made when the business model was developed. With independent startups, how much money you invest depends on how quickly you want to ramp up.
• Branding: Don’t want to reinvent the wheel? Proven brand standards have already been established in a franchise system. For independent startups, you have carte blanche. Bring your business vision to life.
• Exit Strategy: With either business opportunity, you need to have a plan on how you’ll exit. Your exit strategy will be as important as your initial business plan.
Does this provide more clarity on franchise businesses v. independent startups? If the decision is still weighing in your mind, you can learn more at http://blog.bintheredumpthatfranchise.com/life-as-a-franchise-operator-how-does-it-compare-to-independent-business/