How to Decide Between a Small Business and a Franchise
If you want to become a franchise consultant, but you want to own and run your own franchise consultant business, then you have two main options. You can either start your own franchise consulting business from scratch, or you can invest in an already established franchise, like our Transworld Business Advisors franchise. Deciding between the two may seem difficult. The following are a few things you should know about franchises versus small businesses that should help you make your decision:
Starting Your Own Business Will Require You to Build Your Own Connections
It’s going to take a lot more work to develop relationships with various franchises that you can introduce to potential buyers. When you invest in a franchise like Transworld Business Advisors, though, you’ll be able to take advantage of our huge franchise system, which means you’ll immediately have connections to proven franchises that will help you find clients who are looking to invest.
A Franchise Will Have an Established Brand
One of the most difficult parts of starting a small business from scratch is that you have to put a lot of effort and resources into marketing your brand. Nobody is going to know who you are, and the survival of your business will depend on how effectively you can increase awareness and generate interest in your company.
This can become quite expensive – and if you don’t have any marketing experience or know-how, it can be quite challenging as well. Not only will a franchise already have an established brand and customer base, but they will help you with your local marketing efforts to get your business off on the right foot.
Buying a Consulting Franchise Will Be More Affordable
A franchise business will have streamlined the way that they open up new branches to ensure cost efficiency. The fact that you won’t need to hire staff or rent out an office means that the overhead will be low to begin with. With a franchise, you also won’t need nearly as much money to market your brand.
Additionally, when it comes to obtaining financing for your investment, not only is it much easier to obtain a loan for a franchise than it is for a small business, but lenders are more likely to give you better terms – such as low interest rates – because they understand that there’s less of a risk when it comes to investing in a franchise over a small business.
You Won’t Need as Much Business Experience with a Franchise
If you want to become a franchise consultant without any kind of business experience or expertise, you’re going to have some difficulties getting your small business off the ground. Even developing a business plan is going to be a challenge. If you invest in a franchise, however, you’re going to receive the training and education you need to run your franchise effectively. The last thing that a franchisor wants is for their owners to fail, after all.
With a Small Business, You’ll Be on Your Own
Running a business is difficult enough as it is, and you may end up feeling like you’re out to sea all on your own with a small business. With a franchise, you’ll be given full support by the franchisor as you start your business, as well as during the duration of your franchise life.
If you want to become a franchise consultant, investing in a franchise will be less challenging than starting your own business. For information about our franchises, be sure to click on 'REQUEST INFO' and contact us today.