A franchise seems like an easy business to start. You’re given the illusion that everything is packaged up nicely for you and you can have your business running in no time. Actually, running a franchise is vastly different than starting your own original business or starting with a home based business opportunity.
Some franchises like Subway, for example, will ask the potential franchise owner to complete very long applications, to review tons of legal documents, and to demonstrate aptitude by completing complicated exams. The problem with this is that some people who are great at running a business may not be great at taking an exam. It’s like having to suffer through the torture of testing and feeling like an underachiever, especially if you’re someone who always struggled with school and tests.
Buying a franchise is also very expensive. You’d have to be approved for a huge loan before you could think to pay the thousands of dollars it costs to buy one. And after you do buy one, you don’t have much freedom in choosing your own products because you’ll have to buy from whatever distributors have already been contracted to supply you with your ingredients or necessary materials. If your franchise is a Burger King or McDonald’s, you’re going to be expected to serve the same exact food as any other Burger King or McDonald’s location.
The thing about going into business for yourself with a home based business opportunity is that you don’t need to be approved for a loan. You don’t need to invest a large amount of money upfront just to get started. You can start your own business with an amount equal to or less than what you might spend during one grocery shopping trip. Franchises do offer support and training, but so do home based business opportunities.
The best part about becoming an independent business owner is that you get to meet so many new people who you can learn from and who are probably eager to work with you to see some results in your business opportunity. You also don’t have to worry about hiring employees and providing them with health benefits or worker’s compensation should an accident occur.
I don’t mean to suggest that you can’t possibly become successful with a franchise, but owning one requires you to invest a lot of your personal time into it. The reason so many people are becoming independent business owners is because they love to work for themselves on their own time and home businesses offer them the flexibility to do so.