Skip to main content

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.

Comments

Popular posts from this blog

Own Chai Sutta Bar in 15 lakhs

Chai Sutta Bar is a premium brand which is currently franchising in India. Chai Sutta Bar headquartered in Indore was established in 2016 and since then operates twenty-six outlets across India.Chai Sutta Bar has various types of outlets that you can open if you choose to invest, which includes both sit-down and quick service models. The brand additionally offers operating manuals, expert guidance from head office, billing systems, and on-field assistance for the franchisee. Offering a high profit margin at a low investment cost along with excellent support, you can own a Chai Sutta Bar in 15 lakhs, should you choose to invest. To know more about this brand’s investment details, visit our website to know more .

How to Safeguard Franchise Fraud

The case of buying, owning, and operating a franchise can seem quite compelling: You, at least in a sense, own your own business, but you are not alone during the operation. The product or service has already been fully developed; it's simply up to you to offer the product or service on your own terms. There are people out there offering fraudulent opportunities; and while you may think that it could never happen to you, fraudsters are getting more sophisticated in their methods of deception. What is Franchise Fraud? Common forms of franchise fraud include misleading and fraudulent sales practices used to entice prospective franchisees to purchase and invest in a franchise. Misleading sales tactics can come in many forms. One of the more common forms of fraud in the franchise arena is the making of false or misleading statements about projected financial performance. It is, in fact, unlawful for a franchiser to provide any representations of potential or actual financ

Restaurant Management Software For Your Business

Restaurant owners most of the time, have to contend with the daily grinds of running their businesses. Managing a restaurant is undoubtedly one of the most daunting tasks that an entrepreneur can undertake. Restaurant management involves lot processes that if done right, would ensure the smooth flow of the enterprise and even increased profits. However, doing all the hard work does not cut it when it comes to restaurant management. Many restaurants end up earning pretty much the same despite best efforts on the part of restaurateurs and managers. This is especially true for small restaurants. Many mom-and-pop operations still contend with the hassles of keeping up with the daily requirements of food service such as menu planning, order taking and inventory update. Fortunately, many technologies are being developed to aid restaurant owners in their everyday undertakings. These technologies take the form of devices and solutions designed to make restaurant owners’ lives a li