People love to be their own boss.
The business world is the dream destination of many who have an entrepreneurial mind, hard-work ethics and an ambition to reach the top.
But there are two ways of entering the market: on your own or as a franchisee.
If you watch both the scenarios, then you will understand franchising approach is far better and easier than doing it alone.
Do you want to know why? Here are five points for you: 1.
You don't have to reinvent the wheel: The biggest problem with stand-alone biz is that here you are required to do everything from scratch.
You have to write your own business plan, convince the financiers that it's a great plan, find a good franchising location and...
the list just goes on! On the other hand, all a prospective franchisee is supposed to do is locate a franchisor from the franchising field he prefers and the concept that's right for him.
The franchisor, in turn, will guide him at every step; from writing a business plan to how the store will look like - the franchisor will be with you all the time.
But, you need to attend the initial training programs and raise the required money.
2.
There's very little risk involved: Business means risk but with stand-alone biz, this risk is very high.
You never know whether the product/service you are selling/offering will become a hit in the market until you have started it.
What's more, if it doesn't work, at times, it becomes too late to change it.
In contrast, a franchisor offers a product/service that is in huge demand; otherwise, he would not have gone down the franchising way.
All that you have to do here are researching the market, locating the customers and offering that product/service to them.
3.
There's someone behind you: In franchising business, the franchisor is always beside the franchisee.
Hence, little hassles regarding getting permits, site-selection, and lease-negotiation, designing the store, employee-selection and training will be covered by the franchisor's different departments.
But, when you are alone, you have to carry out all these by yourself (add to it registering your name, getting a trademarked logo and other business identity).
4.
Experience is very important with stand-alone biz: Experience in one or two departments of your intended business is must, if you want to become an independent businessman.
Also, with little experience or background to show, not many financiers will be inclined to finance your business.
But in the franchising world, willingness to learn and ambition to succeed is sometimes enough to become a franchisee! What's more, as the brand-name of your franchisor is behind you; you will get certainly willing backers for your project.
5.
You have to oversee every department: Being a stand-alone biz operator means you are supposed to be "Jack of all trades", which as the saying goes, ultimately makes you "master of none".
It's not possible to give equal attention to each and every area such as account-keeping, marketing, advertisement, scheduling etc.
But, when you are in a franchising chain, you will get such proprietary software that will take care of your day-to-day running.
Furthermore, the advertisement and marketing program is overseen by the franchisor at the national level and you will get detailed guidelines before promoting your business in your locality.
Statistics say that as high as 50% stand-alone businesses fail compared to only 5% of franchising businesses.
The above-mentioned points surely give you a clear picture why it's so.
So, choose wisely and if you want, take the help of the associates of franchise-related websites such as brandEXPANSION.
com to get more insight in the business.