Should I start my own business or a franchise?

Starting a business from scratch and buying a franchise both involve considerable risks, and there are myriad of lifestyle and financial factors to think about with either option.

A franchise can offer you a well-established brand, marketing support, set supply chains and ready-to-sell products and services, but it shouldn't be taken as an easy way of making money from an already established brand. You should assess how much time and effort you are willing to spend on taking out a franchise and the associated pros and cons of doing so. A lot of this depends on the individual - if you prefer complete control over your own business, a franchise may not be for you as you may have to conform to certain management styles, pricing requirements, trading hours and product range.

Of course, there is a level of support, training and access to business knowledge that comes with a franchise - something that a brand-new startup may not have. There are dozens of reasons to go with either option and none are 'fail-proof'.

However, you can reduce your chances of failing by doing market research and by determining your personal skills and attributes before you make a decision.

For more information, follow the links below:

How to reduce your risk of buying a franchise

What to know before you franchise a business

Six low-risk ways to start a business

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