If you plan to start your own business but do not know which business model is right for you, then this article is a must-read for you. You can choose either to start with a franchise or a conventional business model and both have their own strengths and weaknesses.
In this post, I will give you some pointers to help you to decide which model is the most suitable for you. We are going to look at three main factors.
- One, do you like challenges and risks in business or not.
- Two how much money do you have to start your business and
- Finally number three, what knowledge and experience do you have with starting and managing a business.
First let’s talk about challenges and risks. How do you feel about challenges and risks in business? If you are the kind of person who likes to challenge yourself and a risk taker, then conventional business is right for you, because definitely you are going to face many obstacles and challenges along the way, and you will need to solve a lot of problems in running your business day to day operations.
On the other hand, if you do not like challenges and you are a risk averse person, then franchise is right for you, because all the blueprints on how to start and manage your business are prepared for you. All you need to do is just follow the business operating procedures step by step as outlined in the blueprints or the business manual provided by your franchisor.
Next how much money do you have? If you have a lot of money, I am talking in the range of hundreds of thousands of dollars to a few million dollars, then you have the leisure to choose either one of them. But, if you have limited amount of money to start with, maybe you just have a few thousand dollars for your business, then you have no other choice but to choose a conventional business model.
What if you only have a couple of hundred dollars to begin with. Then you must not choose a conventional business either, instead choose an online or home business as your first business venture. And if you do not have money at all, but still wanted to start a your own business, then you can choose affiliate marketing as your first business venture.
Finally, let’s talk about the third factor, your knowledge and experience in business. If you do not have much knowledge and experience or no knowledge and experience at all in business, then franchise is right for you, because as mentioned earlier, as a franchisee i.e. the person who buys the franchise from the franchise owner also known as franchisor, you will be trained and guided every step of the way in your business.
On the other hand as a conventional business owner, you are on your own. You have the total freedom to run your business as you wish, thus you are responsible on whatever decisions you make. However, nowadays you can learn on how to start, manage and grow your business properly just like the pros, from the comfort of your living room in just 60 minutes. How? Just click here.