Now is as good a time as any to start a small business. The U.S. economy is gaining steam and unemployment is down to 5 percent. People have money to spend and are ready to invest.
The question is: Should you start your own business from scratch or should you buy a franchise?
There are benefits and drawbacks to startups and franchises. The best way to determine what type of small business is perfect for you is to review your strengths.
If you’re a creator who wants the freedom to build something from scratch, you’ll probably prefer starting your own business. If you want to own a business, but would rather skip the parts where you build a system, create a brand, and plan a business model, buying a franchise might be better.
Many small business owners are turning to franchises. They find stability and security in starting a business with an established brand and proven record. Franchising allows business owners to work within a system. Instead of worrying about business operations, they are able to use support, marketing, and training already in place.
Another advantage of starting a franchise is the opportunity for growth. If your first franchise is successful, there’s no reason why you can’t start another one. Many franchise owners end up owning many similar stores. The blueprint is already in place and they know how to start up the process again.
For other small business owners, the franchise system is too restrictive. For those who want to take on challenges in their own way, starting their own business is the best option. If you already have a business model and are confident in your product, there’s no reason why you can’t start your own business. By starting your own business, you can avoid the franchise fee and create your own path. But, starting your own business outside of the franchise system is risky.
There is a support system in place for franchise owners, but many small business owners appreciate the high risk/high reward aspect of owning their own company. If you are unsure what business model is right for you or if you would like help building your business, don’t hesitate to speak with an experienced New York City business law attorney who will look out for your best interests every step of the way.
For more information about franchising your business, order a complimentary copy of “How to Expand and Protect Your Business Through Franchising” by clicking here.