Issues to consider before buying a franchise

Each and every American wants to be financially independent. Getting a job is not at all the desired solution for them. Most of the rich Americans have made their money either by establishing his/her own business or by Franchising a business. So, if you want to be rich and free then either you can start business from very scratch or buying a franchise of an already existing business and run that. Here are the differences between the two.

What is the difference?

Firstly, you have to arrange a big amount of money before Buying a franchise. For example, you must have $500,000 in your pocket to buy franchise of McDonald’s. If you want to run any less known business, then the amount to be arranged may be cheaper, but in that case too, you have to pay hundreds of thousands before you start.

On the other hand, if you can arrange tens of thousands or less than that, you can start your own business from very scratch. If you are a student and having nothing much in your pocket, then also, there are so many ideas now a days that can lead you to be an entrepreneur in almost empty hand. If the idea is great and you work harder, than the financial curve can rise upwards very soon. In today’s era of online marketing, you can promote your business free by doing a lot of marketing work in free ad zones. Definitely people will hear your voice through social networks, free business networks.

Marketing efforts

Your marketing and advertising effort will be much lesser in case of Buying a franchise of any well known business. The business already having pretty much popularity in the market and society and being well established already. However, there is franchise litigation too. If your franchise is doing any kind of illegal job, taking kind of illegal unsocial steps such as recruiting child labor, the negative impact can also harm your business. Your business is totally dependent on all kind of publicity, either positive or negative, of your franchise.

Follow rules

Last but not the least important point is, when you run a franchise, you cannot promote the products at your own unique ways. You must follow the rules of the franchise in all respect. You cannot take any unique decision for business promotion yourself. Though your franchise’s products are loosing popularity, or faith of the customers, their current marketing strategies not working in public, you can’t take any step to promote the business or services as per your choice. Where in case of your own business, you are free to promote your product in any way you want.

So, it will be quiet time taken to be rich with your own business starting from scratch but the risk is low. But it will be fast to be financially free if you buy a franchise but with risks.