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Is owning a franchise the right choice for me?

by Lindsay posted in Franchise Information, small business ownership • Jul 8, 2014 4:30:58 PM

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Should you start your own business from scratch, or join an established company and buy a franchise?   That's a big question!

Many people have the desire to own their own business and grow something that they can be proud of… an asset for their future, as well as for their spirit.  Buying a franchise and starting a small business from scratch can both get you to that goal.  Choosing which path to take requires a bit of self awareness.  As you daydream about locations, customers, personal freedom, and creative autonomy, think about what type of business structure fits your personality.

 

Ask yourself the following questions:

 

  1. Are you a rule breaker? 

Yes?  Joe Libava, franchise expert and author of the book Become a Franchise Owner puts it perfectly:
“If you don't have a very good track record of toeing the line--and instead really prefer to make your own rules--then becoming a franchise owner may not be the way to get into business for yourself.”
 
No?  If having a set process and established system in place sounds like a perfect work scenario, then consider looking into franchise opportunities in your industry.  Established companies have spent a lot of time working out the kinks and making mistakes so that you don’t have to. 

 

  1. Do you have a high risk-tolerance? 

Yes?!… starting an independent business may be the right fit for you. The excitement of exploration and testing new ideas will fuel you when you wake up in the morning.
 
No?  If you prefer “controlled risk”, then owning a franchise is a good choice. Joining an existing company that has already tested the concept and perfected the execution will minimize the risks of starting out on your own.
 

 

  1. Do you prefer to work alone or in collaboration with others?

Lone wolf? You may feel constrained by the expectations and guidelines of an established system, and may find yourself pushing back instead of moving forward.  While a good franchise system will have franchisees weigh in on new ideas, improvements, etc. it may not be enough for you in your quest for autonomy.
 
Social butterfly? The most successful franchisees have a passion for people… from customers to team members to members of their industry at large.  They enjoy networking, community events/ outreach, building team morale, and working within an organized system.  They are inspired by the feedback they get from working with others.

 

Take some time to ponder your responses, and pay attention to the work scenarios that contribute to your overall inspiration, productivity, and job satisfaction. Do a little research and read more great articles like this one in Entrepreneur Magazine, to see if you are looking at your opportunity from all angles. Setting yourself up in the right type of business structure will be a huge step in helping you create the future you dream of. 

 

 

Think you want to own a small business and don't want to go it alone? Little Nest Portraits is opening a handful of portrait studios around the country. If you would like to learn more about owning a creative business franchise, or are interested in a Little Nest Portraits franchise opportunity, email me at lindsay@littlenestphoto.com.  own a little nest