Should you start up your own business or buy into a franchise?
Many people who want to start up their own business consider buying into a franchise. Whether a franchise is a worthwhile option depends on your individual situation. It’s important to do thorough research and to get professional advice before you make a decision one way or the other.
Let’s briefly look at the pros and cons of starting a franchise.
You can potentially:
· inherit proven business systems, processes, models and cash flow.
· benefit from the experience, advice and support of the franchisor.
· take on a business with an established reputation.
On the flip side, you will have to:
· abide by any limitations in your franchise agreement that conflict with your business ideas.
· pay an upfront franchise fee as well as ongoing fees to the franchisor.
Starting your own business instead
Now let’s look at the pros and cons of starting your own business from scratch.
· make all your own decisions.
· avoid any upfront or ongoing franchise fees.
· inherit any proven business systems, processes, models and cash flow.
· receive any experience, advice and support from a franchisor.
· inherit a business reputation.
Whether you decide to go it alone with your business or buy into a franchise, our team at Scorpion Bookkeeping can help you from day one. We can help you to set up cloud-based Xero software to help you manage your business finances and ensure your compliance with any ATO reporting requirements. We are a Xero-certified partner.
We can also provide your business with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, Victoria and New South Wales.
Contact us today for a free, no-obligation consultation to find out how we can help! We’d be happy to answer any questions you have.