If you have already decided to start your own business, congratulations! It’s time to define your objectives and expectations to begin his adventure. Achieving financial independence, increasing your income, being your own boss or following a passion are all good reasons to found your company. However, there are different ways to do it, have you already identified which best suits your needs and lifestyle?
Once you define your objectives, it is necessary to analyze how much capital you have and get your feet on the ground, because only few entrepreneurs have enough money to start a business. Therefore, you can turn to small business financing to help you achieve your dreams.
The accompaniment when you start a business is very important to trace your path, whether you want to undertake it on your own or prefer to do it by the hand of a proven company or brand, which is the purchase of a franchise.
Both are excellent options and each one has different characteristics. Down below, we will list the main benefits and challenges when you start out on your own or with a franchise. Choose the option that best suits you, according to your needs and tastes.
Get started with a franchise
It is a business model in which an entrepreneur partners with a regionally, nationally or globally recognized brand to sell services or products with proven performance. In this way, the franchisor takes you by the hand with methods that have been developed to replicate the success of the parent company or other branches.
What to expect from a franchise?
It is important to understand that this type of venture is more expensive than doing it on your own, so a small business financing can be your best ally.
Consider that you will have to pay initial fees, royalties and other expenses that vary according to the type of franchise you choose, although, being a proven model, you will save time and expenses that generate errors when you do it independently.
There are different types of franchises depending on the line of business in which you want to enter: sales or distribution of products, obtaining manufacturing rights or provision of services. In some of these you will have to take full control in administration, while other models offer the possibility of being only an investor, so that someone else operates the business. There are options tailored to every need.
Benefits and challenges of franchising
The main benefit of a franchise is the reduction of risks. By working with a consolidated company, the engagement is faster, since customers recognize and value the brand from the beginning. This business model gives you operation and management manuals, as well as marketing support and constant training to improve.
And if that was not enough, in this scheme you will have advice from experts who already know the process you are about to experience. If you are willing to follow instructions and understand that the best way to succeed is to follow the manual, this format is for you.
Start your own business
If your venture is based on a powerful idea that you generated to solve some need in a new or different way, this option will be the best to achieve your objectives. As in the former model, it is a priority to understand that it could imply a big investment, according to the type of business you want to set up.
What should you consider when you start a business on your own?
Don’t rule out applying for small business financing, it can be the best ally to achieve your goals faster. When you start your own business, consider that it will depend on you to choose the product or service, create the brand and image, look for suppliers and personnel, generate sales and design marketing strategies.
For greater effectiveness, seek strategic allies to distribute the weight of the business and strengthen areas in which you are not an expert, you can take training to do it by yourself or outsource these services, for example, hire graphic designers, accountants and recruitment offices.
To better organize your ideas with a company of your own, you can rely on the Canvas Business Model, which in a simple and practical way that will guide you in the development of your business
Benefits and challenges of start your own business
In the end, the greatest benefit of doing a business of your own is not having to answer to anyone, you can take your ideas wherever you imagine, the sky is the limit! It is very similar to having a child, you will need help from your close circle, you will have good and bad moments, but the reality is that you will enjoy all the achievements and victories much more.
If you already have a small business financing and you are clear that your idea is different or that it satisfies some identified need, take the wheel of the ship and go out to the sea of entrepreneurship.
Entrepreneurs are dreamers, people who beyond money, seek to achieve personal goals through a business, either by selling a product that came from their ingenuity or simply by setting up a business that allows them to lead a full life.
In a business of your own or through a franchise, entrepreneurship is a path of satisfaction, but do not forget that to reach them, you will find obstacles on the road that you must overcome with strength and integrity. Are you ready to ask for a small business financing and get the business of your dreams?