Many people in Texas dream of becoming their own bosses. However, for those with the means to fund a new enterprise, a question often stands out: is it better to buy a franchise or to start a brand-new business? The choice is a personal one, and there are many considerations that are often involved in choosing one or the other. Here are some questions people may ask themselves to help make this determination:
What dream is this trying to achieve?
For some people, owning and running business is what they are truly passionate about. For these individuals, a franchise could be a good path. However, others dream of starting a business, including having the opportunity to design something all their own from the ground up. These people may be more suited to starting something on their own.
How independently minded is the owner?
Those who like having a rulebook or “system” and are comfortable with following it may be well-served by the franchising system. However, individuals who like to make their own decisions or make changes unilaterally could feel constrained by a franchise.
Are changes coming from “head office” comfortable for the owner?
For some, one of the comforts of owning a franchise is that there are clear systems and standards in place, as well as support from head office. However, this does not always mean things are fully static. Changes can come down from head office, be it new systems, products or standards.
Franchise owners must be prepared to adhere to standards from management and report their performance to those at the head office. This can be challenging, especially for those who are interested in owning a business because it allows them to have more independence. However, those who are focused on business ownership itself and prefer to have systems to follow as they take this journey may find a franchise to be a good solution for their situation. Regardless of the path one chooses, it can prove invaluable for budding business owners to speak with a lawyer regarding the contracts and legalities involved in their pursuit.