The Big Question: Self Employment or Franchise Business: Part 2
Joel Caws - Technical Director, Select Your Franchise
In my last posting: The Big Question: Self Employment or Franchise, we looked at the main pros and cons of both self-employment and franchising. Today I want to look at what type of person is the best fit for both options. It’s meant as a general guide only and its not to say that a person more suited to a franchise opportunity couldn’t go it alone in self-employment. It’s all a matter of determination, commitment and available resources at the end of the day.
A potential Self-Employed person might think:
“I want to work completely on my own. I don’t need any support and backup as I have the business experience required to cover the bases or know where to get it. I have a great business idea and I know how to sell and market properly. I’m confident that I will work hard and dedicate myself as I know its going to be hard and probably require long hours at first. Everything in life is a risk but I’m confident I can make a go of it.”
If your thinking runs something along those lines then Self-Employment may by the choice for you. Draw up a business plan, run it past a few trusted friends and take it to your bank manager to get some valuable outside feedback.
A potential Franchisee person might think:
“I don’t really have any of my own ideas I’d be confident would actually work in practice, however, I’m a hard worker… give me a job and I can get it done! I’d like to build my own business so that I can have something I can call my own. I can work independently, be motivated and determined but I’d like to know theres some support and backing there if I need to talk to someone. I know theres no guarantees but I’d like the best possible chance of succeeding whilst building my own business.”
If thats your kind of thinking you are probably looking at franchising as your best way forward. Theres alot of franchise opportunities out there so make sure you do your background research properly for any that you are interested in, get feedback from existing franchisees and preferably talk to a franchise legal expert.
Whichever option you consider, remember there are no guarantees. Both options come with their risks and it will be up to you to plan and be diligent enough before taking the leap that you have taken steps to give you the best chance of success. At the end of the day, its YOU that will decide whether the business succeeds or fails, whether its self-employment or franchise business. Both require hard work, determination, dedication and motivation in order to succeed.
Tags: business planning, franchise business, franchise opportunities, joel caws, Self employment
March 15th, 2010 at 2:27 pm
Bigger question. Stupid or smart? If you don’t have what it takes to be self employed then go work for someone else. If you make the bad choice of starting your own thing, a franchise is the way to go. That helps idiot-proof the experience a little.
March 15th, 2010 at 3:20 pm
Thanks for the thought provoking comment
I take your point.. this could be true for some people. I also think that franchising can cater for people who kind of fall between… smart enough to run their own business yet no real idea of what they might want to do and wanting a little support also. A franchise works quite nicely for many people in that kind of situation. Sure, you can work for someone else but rather than having the satisfaction of building a business for yourself (and thats franchised or non-franchised) you are busy lining someone elses pockets.