Tom’s Franchise Information Blog

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When you are considering owning your own business, a franchise may seem quite appealing. But instead of starting with someone else’s idea, why not start with your own?

There are many positives to owning a franchise, not the least of which is the fact that the name of your business will already be known. But there are many disadvantages, too. You have to pay a commission to the parent company. They cost a lot, so you usually start out in debt. You have to abide by their rules and advertising, giving you less freedom. Didnt you want to open your own business so you could be your own boss? Why put yourself in subjection to a parent company?

The biggest cost, of course, is the loss of freedom and excitement. Perhaps you have always wanted to own a coffee shop. You are considering purchasing a franchise from those well-known Washington coffee people. But why not take that energy and excitement and create your own shop?

As the owner, you will have more freedom in deciding what you need to serve. You will be able to flex around the needs of your customers. You will be able to decide pricing. Specials and discounts will be of your own creation. If something doesnt work, you can decide to stop.

Yes, this will take more time and energy. It may take more money. You will have to think about your business a little more. But it will be your business, so you will be more apt to be excited about it. You will have greater control over your hours. If you find that you are slow at a particular time, you may decide to close for those hours. You will also be able to tweak things like logos, interior design, mottos, and other similar items. Because you will be deciding what equipment is needed, you can take things a little slower and pay cash, rather than going into more and more debt. You can grow and expand at the rate the business demands, rather than the rate the parent company demands.

When you are your own boss, you are more excited and energetic, more involved in your business. You are the one who makes the big decisions. In fact, you are more likely to succeed because, unlike those other franchise owners, you have a stronger desire and force of will to make your business a success.

When you are seeking to start your own company, consider your own talents. Dont turn the leadership over to someone else.

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Fully understanding your personal finances can be achieved by using professional finance software or creating complex budgeting sheets to track your expenditure.