starting my own or do franchise...

Philippines
January 5, 2009 2:20am CST
It is the start of the year and the way of life is not as easy as it was before. with the current state of the economy and with the recession going on in US and other big countries i am wondering if venturing into business will be great. now in putting up a business i believe it would take a lot of time and effort. like having to do project study, what business to put up, research and looking for a business venture that would surely be a hit to all walks of life and at any age bracket. i was reading a business magazine today and i saw a lot of franchise offers on it. well franchise means spending a lot of money with getting the franchise and at the same time the place, machineries and supplies for the business. on the other hand having to put up my my own business i don't have to deal with franchise fee and other fees that goes with it but the business that i am going to put up wouldn't be as famous as a franchise one. my question is, would you spend your money and effort to put up your own business where you have to start from scratch or would you rather spend a lot to purchase a franchise of some company or food chain to start up a business? which one will be safer to venture to? please share your thoughts.
3 responses
• Malaysia
5 Jan 09
Each business has its own pros and cons, be it franchise or your own version. I've actually looked into this topic before myself since I was interested to start a franchise business few years ago, only to have canceled it due to insufficient fund. Here are some of the factors which I can think of. Money. You need to know how much money do you have because most franchise licenses don't come cheap. The more established one can cost you millions of dollars. This is the first question you need to ask yourselves. If you don't have the enough financial support, then just forget it because it will not be feasible for you. You can try to get loans from banks but with the current economy, I really doubt the banks will be that nice. Objectives. Why do you want to start a business in the first place? Do you have a certain beliefs which you want to fulfill? If yes, then is there any franchise license available which can help you to achieve those beliefs? If there isn't one which is suitable, then maybe you will have to start your own. But if there's no belief, and you just want to be your own boss, then maybe having a franchise is a good idea. Flexibility. How flexible do you want your business to be? If you want extreme flexibility and able to do what you want with your business, then never go for franchise license because they will lock you down. This is to protect their brand name since they are doing the marketing thing for you. They would not want someone to ruin their multi-million marketing plan. Beginning. Do you know where to start if you were to start your own business? Where to find the right resources? Where to find the right people? What kind of people do you need? What kind of skills or trainings do you need to provide? Or what kind of product is feasible for your target market? If no, then go for franchise license because it'll save you a lot of time and effort. The beginning phase is much easier than starting on your own. Hmm, can't think of anything else for now. I'm actually in the office rushing on a project. LOL. Will post up more if I can think of any. Hope it helps. By the way, I decided to give up on franchise license because I don't have the enough financial support, I need flexibility (and to be the real boss, to be the one making ALL the decisions) and there are some beliefs of mine which can only be achieved by my own.
• Philippines
5 Jan 09
thank you so much for sharing your thoughts on this. you have given and shared really important facts that i should go over with. these are things that i should really ask myself of if i am going for a franchise business. btw, i am curious if you have put up a business of your own? did you starts from scratch? i know it is going to be require a lot of work if i have to start on my own and i need a lot of help from love ones. i will be looking forward to more of the facts that i need to know as what you have said that i need to go over with. in my part i need to research more on this if i am really going to push through this business venture of mine. thanks and looking forward to more of your share.
• Malaysia
5 Jan 09
Hi there. I've yet to start my business. I was planning for one before I reach 30 (3 years from 2009) because after that, my commitments will go skyrocket due to family and stuff. It's better to start one when there's not that many commitments. Also, I need time to think carefully what really matters to me and what kind of business do I really want to start. Remember that by starting your own business, you are using your own hard-earned cash. It is not like you can just find another job and call it quit. You can't. You will have to pull it through irregardless of what happens, unless you are closing the business down. So choose a business which really matters to you if you want to start something on your own.
1 person likes this
• Philippines
6 Jan 09
Thank you so much for the tips that you have given that is true having my owned business would mean that i have to put in my hard earned money into an investment and i can't just pull it out whenever i don't feel like managing it. Again there are pros and cons that have to be considered if I really want o succeed in this kind of venture. I appreciate so much what you have shared with me and I will take this into consideration in my future plans.
@Bebs08 (10690)
• United States
7 Jan 09
You are right my friend. US is in recession and it is pretty hard to find a job here now. But venturing into business is like interesting even if I am not a business minded. Well, small business and start from scratch is better than spending your big capital and might be losing at the end because of our present economy. Good luck..
• Philippines
7 Jan 09
that is what i was thinking too my friend what will happen if it doesn't work out right, what will happen to the investment that I make. I guess I have to re think this all over again before leaping to into something that I might regret in the end. Thanks for sharing your thoughts.
@riyasam (16578)
• India
5 Jan 09
starting a buisiness from the scratch would require a lot of patience.i think in franchesee ,the risks involved are lesser. belated happy new year to you.
• Philippines
6 Jan 09
That is true my friend starting a business from scratched would require not only money but time, effort, patience and hardwork. But i am also thinking that this would be quite challenging especially when you saw your business to grow and succeed in the future. I would always believe that no pain no gain. Franchise wouldn't require as much thought financially it may be more expensive but then the feeling of being free of the decisions that you make without taking into consideration the franchise agreement. Well. I hope I would be able to have my own business soon. This would be a fulfillment of my dreams. thanks for sharing your thoughts.