Many budding entrepreneurs like the idea of running their own business, but they lack any actual ideas for starting one that is likely to be a success. When that is the case, they often look to the possibility of buying a franchise.
This can seem like the ideal solution because franchises don’t require ideas. Someone else has already had that creative spark and built a successful business around it, and now they are willing to sell anyone who has enough money a slice of the piece.
That’s great right? Maybe. It can work for some people. If you have the capital, which can be hundreds of thousands of dollars for some franchises, to buy in, and if you are happy never truly being free to run your business the way you see fit, and you just want to own a business instead of working in an office or whatever, a franchise can be a good sell.
If., however, you’re more ambitious, want to be able to do whatever you want with your business whenever you want, and if you want to invest your money as wisely as possible, other business solutions may fit you better.
If you take a look at the infographic below, you will see some of the drawbacks that a franchise can bring, as well as some other ways of doing business that could fit your needs a bit better. Only you can decide which business structure will work for you, but you need to have all of the facts first.
