It may be that time in your life where you begin to question your value as an employee rather than the boss. It happens to all of us. We dream of working for ourselves and our goals, rather than someone else’s. We might toy with the idea that we could create something incredible with our own two hands, some money invested, and some sweat equity. The biggest challenge is to decide between entrepreneurship or being a franchisee. These two things are polar opposites and have their own outcomes.
Take A Look At Franchising
Some people are not that keen on a big risk, these people are best suited to invest in a franchise. Franchises are ready-made businesses that you make a small investment in. You don’t set the rules, you manage the location and keep it running in line with the business model and mission statement. The hard part is figuring out the best franchises to own. We recommend that you align yourself with a company that does well already, the mission statement is something you support, and you have a legitimate interest in the business. It wouldn’t make much sense to open a burger joint if you are a vegan!
Entrepreneurs Are A Different Breed
Entrepreneurs truly feel a bit different. They have an idea that they want to see come to fruition. They want to create all the rules. They want to control everything from business location to the hours of operation. And they are willing to risk everything to make that happen. Even still, there are two types of entrepreneurs. There are those that want to build their very own business from the ground up and others who want to buy businesses. The ones who look for existing businesses may search online to find those that are for sale. The ones building their business from the beginning may post about their services or products online to attract more people to their company. Entrepreneurship has been around since the dawn of time. Someone discovers a need, has the talent to fill that need, and makes it happen.
Which One Is Better?
The short answer is neither. They fulfill two different needs and cannot be compared. Entrepreneurs are born every day and they work hard to build their business and gain loyal consumers. They are the risk-takers who aren’t swayed by naysayers discouraging them. Even if they “fail” the first time around, they will find a way to make it happen in a different manner. The franchise for an entrepreneur is too limiting and still has someone they have to answer to above them. Franchisees see it a lot different and want to make a minimally risky adventure and yet they desire to be the boss. They like the model because they don’t have to spend a lot of time building their image, they rely on the previous success of the company. Because of this reasoning, franchise opportunities are rapidly growing and aren’t left to just the fast food industry. Entrepreneurship also still rules the business sector over major corporations. Recent studies show that there are 22 million individually (no employees) ran small business, 6 million small businesses with employees, and 18,500 large corporations in the US. No wonder we desire to be our own boss!
The real question you have to answer is, how much risk you are willing to take and what kind of business do you want to run? When you know those two things, you will be able to make the best decision for yourself.