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Start a Business Part 1 of 3

Posted by trinda On December - 5 - 2012

Start a Business Part 1 of 3 

In the First part of this three part Series we are going to focus on a franchise. Part two of this three part series will look at start up businesses and part three will explore buying an existing business.

Maybe you are at a time in your career right now where you are coming up to the new year and looking for a fresh start or perhaps you have been involved in a downsizing, been unemployed for sometime or simply have always had a dream to start a business. Whatever the reason there is some questions you should be asking yourself before starting the evaluation process.

  1. Do I look for a franchise with an existing system in place?
  2. Do I want to start my own business from scratch?
  3. Do I buy an existing business?

Buying a Franchise – Pros

  • Support and Training – A franchisor will provide the initial and ongoing support and training needed to be successful in the business this can lead to a quicker return on your investment. This allows the franchisee time to develop the revenues not systems.
  • Proven System – An established franchise will have a proven system in place. This gives you essentially a road map to follow to have success. In some franchise systems the network of existing franchisees will support each other in their successes and ongoing learning.
  • Knowledge Base – In a franchise you are still in business for yourself but not by yourself. This allows you to draw on the knowledge base of the franchise network. Essentially like a corporate environment where you have expertise in various departments.

Buying a Franchise – Cons

  • Fees – There are paid in exchange for the ongoing support that is provided.
  • Possibility of poor franchise choice – A great deal of research needs to be done prior to making a decision. A good franchise company will have some sort of process in place not just to sell you the business but to allow you to evaluate them but also for them to evaluate your suitability in the business for success.
  • Less freedom in decision making – Since the franchise system is already in place, you will be required to follow the set-up, leaving less room for creativity and your own decision-making.

If you would like to explore this in more detail you can request a free information package here:

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