If you have decided to take the plunge into running your own business your will be faced with several options. You can purchase a franchise or set up your own business from scratch. This ultimately depends on what you want to put in and what you expect out.

Pick up a business magazine and your will find lots of franchises for sale. Many companies you use are probably franchises, from restaurants to cleaning services. Franchises are typically founded on a tried and tested business model. A franchise basically gives you everything you need with a well recognized name to draw in customers. There are many different franchises available. Some will give you the business name, equipment and everything you need for start up, others only give you the basics and you still have to buy or lease a location, purchase equipment and the inventory you will need.

The two main downsides of buying a franchise however are that you are not free to change much of your business model, and of course the initial outlay. Visit the Key Mergers website for more information or if you would like to f you would like to buy a business or even to sell one.

Starting your own business from scratch however means that you can grow the business organically over time, you can limit your initial outlay and you can be as creative with the direction of your business as you like. However, your model may not be tried and tested and you will likely have to develop your own support network from the ground up along with your business.

So, as you have probably gathered by now, the rational for choosing whether to buy a franchise or go it alone are multi-dimensional Its a choice only you can make.

This entry was posted on Wednesday, August 27th, 2008 at 11:17 am and is filed under Hints, Management Parlor, Your Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.