If you’re thinking about whether to start your own business from scratch or to purchase a successful franchise, there are pros and cons to both.
One of the first things to weigh up is the start-up cost. Most businesses take between one and five years to break even and reach profitability. Often, the reason for new ventures flopping is a lack of capital and insufficient funds to spend on marketing and advertising.
As an alternative, franchising can be an excellent option as it offers a business structure or model that is already successful, established, and recognised, meaning franchise owners need to spend less on creating a customer base and increasing brand recognition. Of course, not all franchises are created equal, and you need to do your homework before investing.