Monday, 21 November 2016

Start-up or a franchise: What’s the best for you?

It’s about time you’ve taken the decision of initiating your own business but not sure whether to start from scratch or own a running one. History shows that entrepreneurs are always encouraged in a struggling economy as they provide new grounds to boost economy from their start-ups. Still, what to do if you’re already a hard-working professional with limited exposure of real-time experience and lack resources?
Let it be an element of motivation as you move forth for a business setup in the UAE! Why UAE; because it’s currently the hub of major local and international corporations. If this is so, a franchise seems to be the best idea but you’ll always need a roadmap guiding your actions. When choosing between a franchise and a solo start-up, the choice is yours alone so move wise keeping all the pros and cons in front for proceeding on the right track.

Franchise
  • System is defined and already proven with a franchise and almost all operates under a common network being responsible for routine operations. Training is given about the immediate product line, marketing strategy, employee dealing and over other aspects of daily activities. In generally, ongoing business support is provided which guarantees success.
  • Your brand or cutting-edge product gets in the spotlight from day one in a franchise setting that increases the sales. Buying a franchise means you’re actually investing in a turnkey business that’s readymade for you to start. Though experts don’t always agree on the exact figures, statistical results revealed that franchises enjoy a higher percentage of profit and success as compared to solo start-up.
  • “Franchisor” that are the parent companies provide their full support for franchises. A lot of franchises are already turnkey operations; means the parent company oversees the entire package to actually initiate the corporation. The supply includes basic assets, equipment, training and other necessary things to execute the plan.
  • Many franchise brands have worldwide recognition and franchisees usually contribute into a national marketing Parent companies use different sizes of budget to kickstart advertisement campaigns. Franchises typically enjoy the advantage of buying powers that also augment growth margins.
Start-up
  • Innovation, creativity, passion and enthusiasm to learn at every step are the roots of every successful business setup in the UAE. If you’re highly creative and full of ideas that need to be given a reality shape, a start-up is definitely for you.
  • Having your own business gives you leverage to work anytime, anywhere whereas digital technology and wireless internet access ensure it actually happens. Being the sole owner of the business also makes you responsible for every crucial decision that is being taken and since success or failure will be your own, care factor won’t be compromised.
  • Growth of start-up is limitless unlike franchises! Preliminary success brings recognition from local market but innovation and improvement would mark you as world’s top competing corporations.
Conclusion

Now that you’ve all the pro facts of both franchise and start-up, choose what’s best only after identifying all your strengths and weaknesses.

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