What is a franchise? Well, some of the most popular ones, and most common, are fast food places, such as McDonald’s and Wendy’s. Other’s such as Lowe’s, Best Buy, Target and Costco sell home goods and such.
All the above stores have one thing in common: each store is part of a larger franchise that has many “sub-stores”. So, whether it’s located in Kansas, or here in Montana, Target has the same logo, the same red letters, the same products.
You can decide to start a franchise branch. Let’s say you decide to open a new Lowe’s in your city. You then talk to Lowe’s, the corporation, and they help you. You don’t have any risk at all, because they help you plan your location, hire the architect, tell you what to sell, what prices, etc….They tell you how your store needs to look. Practically no creativity is required to do this. Marketing is also taken care of by the “big” Lowe’s.
You are however the main manager of this store. So you are in charge of hiring, wages, and all that.
Franchises can give you a lot of income, however, because they are mostly already very well known. Therefore, you don’t have to spend time establishing a name, brand, etc….
On the other hand, you can decide to start your own business, be an entrepreneur! This can be a lot more difficult, and definitely more involved. In my opinion, though, it’s much more rewarding because it’s yours. All yours and only yours. The reward you get from all the hard work you put in to make it succeed from scratch is yours!
With your own business, you have to every little detail. From deciding the paint color of your new store, to managing the ordering of new products, to marketing yourself online and in print, you do it all.
It’s just not the same starting something all your own and succeeding to starting something already started (if you get what I mean) and succeeding by using that momentum.