Article Treasure Cove

A hot theme at the moment appears to be “Whats the most suitable choice for starting my very own business? Self-employment or buy a franchise opportunity?”. These tend to be people who find themselves out of work by way of redundancy or lay off, or still in work and simply looking for a change of direction in their working life.

So what would be the advantages and disadvantages of self-employment when compared side by side with a franchise opportunity. Both choices do denote a method of working for yourself since whether or not you build a business based on your own personal idea or buy a franchise, you will still in fact be the owner of the company and will be responsible for whether it is a success or is a failure. So here are some of the primary differences:-

Self-Employment

Pros

All income is yours to administer.
You’re able to work to your own ideas and discover a structure that works for you.
Fulfillment in knowing that you are building up a business for yourself, in your own personal way.

Cons

Its known that self-employment within the UK has a high breakdown rate with in the region of 4 out of 5 small businesses failing within 3 years.
You are going to be building up a brand and reputation from scratch.

A Franchise opportunity

Pros

The NatWest/BFA annual survey consistently finds roughly 90% of UK franchisees are operating profitably every year. Other countries have comparable statistics on franchising.
You’re working to a business formula that should have been proven as successful by a franchisor.
Most franchisors make available training and support backup.
The franchise business could have well-known branding and reputation which you might benefit from.
There are a broad range of franchise opportunities obtainable including franchises to suit women, home based franchises, business franchises and a good number more. You can read some of the franchise successes to find out more.

Cons

There could be an upfront franchise fee to cover setup and training costs.
A number of UK franchises for sale charge recurring franchise management fees (often a percentage of proceeds or profit) that cover ongoing training and support.
You will often have a contractual agreement with the franchise owner for so long as you operate the franchise opportunity.

These are really just an overview as you can find other points. Whichever option you choose its essential to observe that taking on a business calls for determination, devotion and a lot of hard work!

Tags: Business Opportunities, franchise, franchise opportunities, self employment, work for yourself