There are many individuals who think that being their own boss is the right thing for them. Some come to the conclusion after working for many years in different organizations and some aspire to be an entrepreneur since the start.
It is at this time that the individuals find themselves at the crossroads and have to choose between starting their own startup or opting for a business franchise opportunity of an already established organization. If you too are somewhere at that point in your life when you have to choose one thing amongst the two, or if you think you’ll need the advice in the near future, then let me clear the air for you.
I will try my best to be neutral towards any of the two decision in this post, as both have a fair share of pros and cons. So let’s just dive into it without wasting any more time. Here, are a few factors that’ll help you decide which is the right path for you.
I believe that the first thing while making the decision, you’ll have to think that where the investment will come from. Nothing comes for free and investing some amount in the initial phase is important. Coming up with a startup usually requires a large sum of money as compared to taking up a business franchise of an established organization. However, if the organization is a big name in the market then it’ll ask for a huge sum of money for setting up the franchise business in India. And, if you have a unique idea that you think will be an instant hit, then it will be easier for you to bring in the investors that’ll lower your own investment costs for a startup. So there are a lot of different factors that together work as one and will shape the decisions that you make.
It is important for you to research what the market demands and choose if the product or the service on which your startup would be based has a fair share of interested customers so as to create profit out of it. If you think that it’ll be hard to sell the services and products to the customers as there are better alternatives already established in the market, then it will be better to opt for a franchise business instead, as it is something that has a better chance of success.
If being your own boss is the attitude that matters for you the most, then Startup is great as you’ll truly have the decision-making power and you’ll be the one who is in the driver seat. But, opting for a franchise comes with a few limitations and the guidelines that are put forward by the parent company that you must adhere to. However, there are a few perks that come with it if you look at it optimistically, as the path on which you’ll be travelling while following all the guidelines will be a tried and tested path and will have better chances of leading to success.
In the end, what I believe, the most important thing is how much profit the business will be making. If you are opening up your own startup then there will be a need to nurture it for months or maybe years until it finally starts building up profits. But, when choosing the franchise business in India you can be assured that it will become profitable much earlier in most of the cases you’ll be required to share it with the franchiser too which makes it double the effort.
These are a few points that I think are really important to be considered before choosing the right path. Although if you ask me, the best decision would be to start with a franchise and then in future you can go ahead and opt for setting up your own startup when you are ready to take on the risks that it will bring along. However, this is my viewpoint and you need not have to agree with it.
No matter, which way you choose to go, it’ll be a bumpy ride and you must understand that success is not a destination but a journey that never ends. So, I wish you luck and hope that good fortune helps you in your new venture.
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