Franchise vs Business Startup: Which is better?
I get this question often and the answer depends on what you are looking for in a business.
A Franchise will have the business and systems in place so that you can hit the ground running right after training. The Franchisor will have invested time and money via trial and error to figure out the best way to do business. The goal is really to complete training, hire a team and start producing revenue.
A Startup will allow you to create every product, service, system, etc. from scratch which will take time and go through trial and error. The Startup will be set up exactly the way you want it and can freely add or change the product or service you offer. This process can take up a lot of time and money so make sure to be disciplined in your approach.
Both are fantastic vehicles if you are looking to create time and financial freedom but the answer to the above question will be truly up to you.
Lastly, a franchise owner can also own a startup and vice versa so don’t feel like you are locked in.
The video covers these areas in more detail.
I hope this helps and I would love your feedback.
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Check out our previous Blog posts and Podcasts where we will also answer your common questions:
- What is the best franchise?
- Who is a good fit for a franchise?
- Can I lose money with a franchise?
- Are all franchises created equal?
- What are the advantages of a franchise?
- Is a franchise better than a start-up?
- How can a Franchise coach, or consultant help guide me through the process?
- How do I fund my franchise? What are my funding options?
- And so much more!
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