In today’s economy and work climate, many people in American Fork are choosing to leave the nine-to-five rat-race and go into business for themselves. This can be a lucrative endeavor that brings financial and personal satisfaction. One important decision that you will have to make before you get started is whether to go into business as an entrepreneur or whether to franchise.
Option one: entrepreneurship
One option is to build your business from the ground up. You will need a business plan as well as the financing to establish your business. The freedom of entrepreneurship allows you to have more control over what your business will look like and how it will operate. However, you need to have a clear idea on how your business will advertise, how your business will be run as well as the costs of doing business for entrepreneurship to be successful.
Option two: franchising
If you do not want to build your business from the ground up, you may want to consider franchising. By purchasing a franchise, you also obtain the benefits of buying into an already-established business plan. The franchisor provides you with a business model, advertising, training and products. However, franchising gives a business owner less flexibility than entrepreneurship.
Determine what type of business structure is right for you
Franchising offers the benefit of being able to operate a business that is already a household name, while entrepreneurship gives you the freedom over the structure and operation of your business. Both types of business structures have benefits and drawbacks. It is important to consider what your goals are if you are going into business for yourself, so you can decide whether to do so as an entrepreneur or a franchisee.