When starting a franchise or standalone business, consider motivations, effort, and risk. Franchising reduces some risks but doesn't guarantee success. Reflect on motivations and choose between starting from scratch or using a template.
Assess your finances before signing a franchise agreement. Determine launch costs including operations, capital, facilities, labor, marketing, purchases, and inventory. Adjust budget as needed.
Choose a franchise based on factors like interests, finances, goals, and location. Consider profitable business models, repeat business, upsell opportunities, and personal interest for a successful franchise selection.
Franchise benefits: pre-written business plan, easier financing, lower risk, and access to franchise-related advice. Drawbacks: high startup costs, limited flexibility, franchise fees, and less control over success.
Decide franchise or start own business. Benefits: well-known brand, proven market, guidance, training. Drawbacks: franchise fees, advertising expenses, royalties, product markups. Carefully consider options before buying franchise.