Some people flourish under the direction and motivation of a skilled manager, while others champ at the bit no matter what type of supervision they must submit to. One thing we can all agree on, however, is that bad managers or those that micromanage only make us want to get out from under the yoke of employer authority. We want to succeed based on hard work and merit and we want to know that our contributions are making a difference. It is for these reasons that many adults dream of quitting their day job and striking out on their own, starting their own business and becoming their own boss. But there are definitely some risks and drawbacks associated with startups. So if you’re serious about becoming the master of your destiny, you might want to consider hedging your bets by buying into an established franchise. Here are just a few pros and cons that you should definitely know about before you make your decision.
On the plus side, a franchise comes not only with an established, popular, and profitable brand name, but also with a slew of perks that you won’t receive if you decide to launch an untested enterprise. For one thing, you’ll enjoy a built-in awareness by the consumer public that will have customers coming in from day one. And while you will probably have to come up with a business plan for your franchise location, you’ll find that a lot of the details are already filled in for you thanks to guidelines provided by the franchisor. You’ll probably have specifications related to signage, how your interior should look (including how products are to be displayed), what your employees should wear, and what hardware and software should be used for different aspects of business management. You may also have access to approved vendors, marketing materials, and extras like training for management, employees, operations, and more. So there are definitely benefits to be gained from buying a franchise; most of the heavy lifting of startup has already been done for you and the kinks have been ironed out.
Unfortunately, you’ll also have to deal with some drawbacks. There will be restrictions concerning how you manage your business. Although you’ll have some autonomy when it comes to hiring, day-to-day operations, and so on, you may have to subscribe to approvals for marketing campaigns, promotions, and any changes you want to make when it comes to appearances or your business model. This isn’t to say that creativity and innovation won’t be encouraged, but you’ll have to work within the confines of what your franchisor approves, and the amount of leeway you’re given will depend largely on the company you franchise with. In addition, you will almost certainly have to shell out for the name and other benefits you’ll receive through franchising. Even though you’re bound to start earning more quickly than you would with your average startup, you’ll pay more up front and you’ll almost certainly have to pay a percentage of earnings or regular fees to the franchisor, as well.
Like any kind of business, there are pros and cons associated with buying into a franchise. So your best bet is to do some research and see if the prospect of owning and operating a franchised business works for you. From there you can check out a franchise expo to see what kinds of businesses are out there. It pays to find one that matches your experience, your interests, your sensibilities, and so on. This will not only give you the best odds of succeeding as a franchise owner, but of finding a career path that you find personally rewarding.