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Diciembre 20, 2011

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Differences between starting a business on your own and acquiring a franchise

Differences between starting a business on your own and acquiring a franchise

Settle at your own risk

Settling at your own risk has the advantage of making your investment at the pace allowed by your economic and financial situation. You will need something else to provide for you until the situation "matures." It may happen that you have enough resources, so the situation will vary from person to person. One advantage is that, if you know the business and the market, you can develop at your own pace in terms of the marketing and strategies you apply|.

Find the best business opportunities and franchises for Hispanics in the United States

Necessary conditions to be successful on your own

The following are some of the most important points to consider:

1.    You should familiarize with the activity or industry in which you will work.

2.    You will also need to study the geographical area where your business will have its greatest potential.

3.    You must have reliable market research to know where your customer base is and to which you aspire to please both their tastes and needs.

4.    You will have proper advertising costs to establish the recognition of your brand or business.

5.    You must have a consistent administrative, accounting, financial and legal support for the development of your activity.

6.    Knowing the correct suppliers is essential in order to get the best terms and quality.

7.    You should know who the competition is exactly, in order to know what your strategy in the market would be.

8.    You will need to have sufficient financial backing or adequate funding from the start and during the first months of your operations.

9.    You have to have an investment project, establishing a reasonable rate of return after a reliable study. Then you will have the potential with a good degree of reality in your business plan.

10.  It will be essential to have among your staff (depending on business) someone of your absolute confidence and with adequate capacity for the success of operations and business in general. Whether you'll be present every day or not (there will be days when you can’t be there) even if your role is managing the business without being present in everyday operations. But at this point, depending on the business, the owner's personal presence in the establishment makes customers feel recognized, and that attention will be adjusted to suit the particular events of each day.

Acquiring a franchise has significant advantages, but always depending on your concepts and desire for independence

The fact of joining a successful and recognized brand makes you feel more relaxed, because all the aspects of the business are established and solved. You will have an area to settle, with a determined potential, you will receive support to get the ideal location and decorate according to the Company’s specs.

You will have adequate training to apply the "know how" that has been developed and modified over time. There has been a learning cost being the cost of acquiring a business with established brand, technical support, marketing (usually paid separately), manuals and support in all aspects of development, installation and operation.

What you should keep in mind as an entrepreneur is that you must meet the standards of the Company, which are the "supreme law", as this know-how has been developed through years of experience and management and it is crucial since, for example, when a customer enters a business he/she should find exactly what he/she is looking for, without surprises or changes. Customers are generally faithful to a style that has been able to recognize their needs and tastes.

It should be added that businesses that start with acquiring a franchise in general have many more chances of success than starting a business on your own.

Find the best business opportunities and franchises for Hispanics in the United States

 

Categoría: General: Franquicias Generales


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