The question of starting own business or buying a franchise

If you are trying to be your own boss, do you choose to start your own business or buying a franchise? That is the first question that most people think of when they are hoping to end their lifestyle of accepting salary. Well, at least most of my friends who are considering firing their boss ask me this question. Regardless of which type of business you are trying to build, you need more than just money. Especially if you are considering buying a franchise, you will need a lot of startup money. So the first condition you need to fulfil is having enough money to start your own business. The next question that my friend asked is which type of business model will have a higher success rate. Well, personally I think this is a tough question as there is no absolute answer. All I can say is nothing is guarantee even if everything is going smooth as plan and prediction. You just have to do your best. Failure is part of business and sometimes you just can’t avoid it. The important thing is to learn from you failure and do it better next time. Remember that you haven’t failed unless you stop trying. Failure or success is just 50% apart. So you just have to strive until you hit success. Just try not to repeat the same mistake again. Check out the infographic below from Payment intuit on buying a franchise versus starting your own business.

buying a franchise or start own business

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