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Being the Boss With a Franchise Opportunity

If you’re looking into the idea of being your own boss, it’s important to know that there’s more than one way to go about doing it. You can:
  1. Start a business from scratch
  2. Buy a franchise
Let’s briefly look at these three ways to go into business.

1. Starting a business from the ground floor is a good choice if you have a unique idea for a product or service.

In addition, if you like the idea of having total control of things, don't mind shouldering all of the load, and you would prefer to keep all the profits, a pure startup is the way to go.

2. If you don’t have your own product or service idea, but you want to be your own boss.

That’s because when you buy a franchise, you get to ride the coattails of someone who has already come up with a business idea and is implementing it in real-time.
Of course you’re paying for that advantage in the form of a one-time upfront fee and monthly royalties, but you have ownership of your own business location.

The Royalty Question

In addition to the flexibility that business opportunities offer, your monthly outlay will be significantly less than if you bought a franchise opportunity. That’s because business opportunities don’t charge royalties. Royalties are a flat fee or a percentage of your revenue paid to the franchiser in exchange for being a part of its system and having access to all of its processes and procedures. For example, if your franchise business did $20,000 in revenue last month, and your franchise agreement stipulates that you pay a 5% royalty, you’d have to send your franchiser a check for $1,000 for that month.
That said, some business opportunity sellers offer extra support after the initial purchase, but you have to pay for it.

Is a Business Opportunity Right For You?

If you like the idea of owning a business that:
  • Provides a startup package and formal training
  • Allows you to have maximum control on how the business runs
  • Enables you to max out your entrepreneurial skills
  • Has very few rules
  • Doesn’t require you to pay royalties
A business opportunity could be the way for you to go.
Hope you liked this blog. If you are looking for opening a new restaurant/cafe, wants to take food franchise, looking chefs for your restaurant then SelectDine is the right place for you. Call us or visit our website to know more.


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