One big question to address after deciding to become an entrepreneur is whether you want to start your own business altogether or purchase a franchise license from a corporate entity like McDonalds or Ace Hardware.
Each has its own pros and cons but to find out which route is more suitable, you must first ask yourself why you want to be in business in the first place.
You Want to Be Your Own Boss
If your primary motivation for wanting to venture into owning a business is to be your own boss, franchising is definitely not for you. Corporations often have strong conditions and dictate what is to be done and how. If you incorporate a business on your own, you will have complete control of these things.
You Have an Idea and Want to Expand On It
If you have an original idea for a business then a franchise is definitely NOT for you. Ideas like this require you to be in complete control of the situation. Franchises come with strings attached so the opportunities to experiment on your own are minimal.
You Want to Make Lots of $$$
If your ambition is lots of greenbacks, then franchising may be the way to go. Not that franchises make more money than stand-alone businesses, but they do have a higher success rate. But you will have to pay fees to the franchisor for your success…franchising is also a good option if you do not have much hands-on business experience.
You Already Have Money but you’re looking for something to keep you Busy
Franchises are ideal for folks in this category…you have money and are looking for something to pass time. It’s even more ideal if you lack hands-on business experience. The franchisor will assist you in many things – hiring practices, site selection, inventory and more.
Whatever course you decide, you will need to incorporate your business. Incorporate online easily in 10 minutes or less at MaxFilings.com. No matter if you’re in Alaska, Florida or the District of Columbia, incorporation experts at MaxFilings can help you get your business off the ground and running.