What are the Pros and Cons of Franchising
Are you tired of a 9-5 job and the corporate rat race? If so, you’re in good company. More than 70% of Americans desire self-employment, and entrepreneurs are increasingly turning to franchising. Home-based franchise options are growing and bring advantages over a retail space, beyond lower start-up and overhead costs. We present some pros and cons of franchising – who knows, it might just match your goals and help you pursue a passion!
Pro: Fast Path to Being Your Own Boss
Have you ever thought, “My job feels so limiting to my potential,” or “I want work for myself and control my own destiny”? People become entrepreneurs for a number of reasons. Franchising allows you to own a business, sometimes in a matter of weeks or a few months.
Pro: Increased Flexibility
Want to be home when your kids get off the bus? Home-based franchises allow you to create your own schedule. Or, want to eventually work part-time as you transition to retirement? You’ll need to put in the time and effort that first year or two to get established, but even during those initial years, there’s much more scheduling flexibility as an entrepreneur than the traditional 9-to-5 job. After the foundation is built, you can mold your life around your career (not the other way around), and perhaps scale back your hours while still earning a good income.
Con: Motivation and Self-Discipline Is a Must
Franchise owners, especially home-based franchise owners, must be extremely disciplined to minimize distractions during focused work time. And you certainly don’t want your career to push aside personal obligations or pursuits. The line between personal and professional tends to blur with a home-based business. But it’s certainly possible to balance the two, especially for someone highly motivated and focused.
Pro: Proven Brand and Business Model
A franchise enables you to have a bigger network and brand behind you, which clients will perceive as a positive. When the name is recognized, some of the work is already done for you. A proven business model means there is a blueprint for success – both for clients and franchise owners.
Pro/Con: Turnkey Approach
Some entrepreneurs look to franchises because they are efficient and have everything needed to get started – from procedures to marketing to support. There is a much shorter ramp-up time than building a business from scratch. But others who want to express their creativity and pursue ideas might find a franchise restricting. You can’t necessarily put your own spin on how to run your franchise.
Pro: You’re Not Alone with Training and Support
The franchise wants you to be successful, and it’s the reason most offer a comprehensive training program and ongoing guidance and support. You also get the advice and perspective of other successful franchise owners. If you have a question, someone is sure to have an answer!
Con: You’ll Spend Time Working Alone (…But Will You Really?)
Depending on if it’s a home-based franchise, you may spend a lot of time working alone. Some people find this difficult, especially if they crave camaraderie and socialization. However, a home-based business doesn’t necessarily mean solitary work. While some businesses can be run entirely out of your house, others may have you out more than in. For example, scheduling and performing administrative duties is done at home, and the rest of the time is spent at a client’s home or visiting with another business.
Is a Franchise Your Path to Entrepreneurship?
Consider your skills and interests and then explore the immense possibilities in franchising. If you’ve narrowed down your interests to sales/marketing franchises, BirthdayPak has quickly become a nationally-recognized brand. BirthdayPak franchise owners are good at outside sales and can run their business from home. To learn more, call 888-206-0083.