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hey everyone i am getting my MBA and when i graduate in 2014 i am going to open a business i was wondering is it better to start my own or buy a franchise.
i am pretty open to the type industry along as i can make good money.
currently i have 17,000 in the bank. and i expect that to grow by a couple thousand by 2014.
Whichever you choose location is key. With a Franchise you are controlled by the company and what you can actually do, as they have systems in place for everything. This is good if you are not really looking to use your own ideas - however it can be very restrictive. Building your own business you have the Freedom to make your own decisions.
This might help you with some things that you will need to know to start up.
avrilbetts.com
Most proven franchises require a substantial amount of capital and usually require the franchisee to buy several franchises to make money. Because the success of the franchise depends on the success of its franchisees, the franchisee is heavily vetted making it sometimes difficult for people with limited capital and business experience to owe a franchise.
To increase your chance of success and minimize your risk, you may want to consider going into business with a partner.
Getting a franchise of a big brand always helps as you. You don't have to promote that business from your site as it is already a brand.
I think you should go for the franchise!
Purchasing a franchise is fine if you want its owners to tell you how to operate. I believe $17,000 isn't enough to purchase one. Although, the financial requirements of each franchise varies, you should learn what franchise options are out there and their operating costs.
A franchise can be owned by registering with the amount you have and suggestion regarding the owning a franchise looks better than starting your own business as a fresher. Gain some experience by practicing your skills on the franchise and if you get a business idea which can be more profiting than you are working on then just switch to it after simultaneously working on franchise and setting up your venture side by side.
You can not get any franchise in this money. I would like to suggest that you should open your own business. Now you have time to complete your MBA so try to plan any business in this amount.
I would not go franchise. Royalties, fees, 8-10% of your profits gone every month and usually you are left asking yourself if it was worth it and resenting it because you feel like you work for someone rather than owning a business. When you are independent you get 100% of the profits and manage it yourself.
You can open your own dollar store, party store, teen store for much less than that. I am the creative director for a company that develops independent businesses for people and we develop about 250 stores every year for our clients. They pay one price and get the keys and they are in business - that simple. Additionally we train them, their employees, managers and for the life of their business. We offer almost all the same support that a franchise does but for no additional cost. So it doesn't make sense to go franchise.
Check out this interview with the owner of Cool Kat Party Supplies in Spring Texas. I had a great time there doing this and his new independent party store is BEAUTIFUL. Additionally, he is planning on opening up more locations and franchising his own brand - now that is better than buying a franchise right? Anyway, this is a good video if you want to hear it from him and see how his store turned out.
http://youtu.be/3rz1ZCm5Gbo
We do many different concepts as well. Dollar Stores, Party Stores, Mail Box Stores, Teen Stores, Clothing Stores, Fitness Centers, Yogurt Shops, Dollar Plus stores and even Big Box 20,000 square foot stores that are independently owned. Check out www.discountretailstoreservices.com and see for yourself, but before you go franchise think independent!
I think going fora franchise is abetter option as they provide good support and a platform to learn. Later on you can move on to do your own thing once you have learned from them
For a beginner it is more easy to take a franchise instead of starting your own business. This might result loss to you and take your future to darkness.
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