“Unless you’re the lead dog, the view never changes.” While this saying originally referred to dog sled racing, it also applies to a business. If you’re not the one in charge, you’re at the mercy of those who are.

The freedom of being the boss has prompted many an employee to leave the corporate world in favor of starting their own business. But becoming an entrepreneur comes with risks. According to the U.S. Bureau of Labor Statistics, 34.7% of businesses started in March 2013 were still operational in March of 2023. That means more than 65% close their doors in less than ten years. Those are sobering statistics for anyone looking to start a business, but especially for people with little to no experience.

Franchising has become a solid alternative for entrepreneurs who want to avoid the uncertainties that come with building a business from scratch. But is buying a franchise better than starting your own business? The answer isn’t that simple. To decide, you’ll need to carefully examine the pros and cons of franchise vs. own business.

Franchise vs. Own Business: The Pros and Cons of Building a Business from Scratch

One significant benefit of your own business is the autonomy it offers. You’re free to make all the critical decisions, from the overarching strategy to the day-to-day operations. This level of control allows you to shape the business according to your vision.

Starting a business around something you’re passionate about can lead to a high level of personal fulfillment. And, as the owner, you can innovate and bring new products and services to the market.

Unlike traditional employment, where income is typically capped by a salary, owning a business has no ceiling on how much you can earn. Financial rewards are tied to the success of your business, offering the potential for significant growth.

However, there’s no reward without risk. Starting a business often requires a substantial initial investment with no guarantee of return. The uncertainty of income can be a significant financial strain. You will also be under a great deal of pressure as it is up to you to make all the decisions.

Developing efficient operational systems and processes is crucial for a new business. Everything from supply chain management to customer service is your responsibility, and it can be difficult to get these systems right, especially with limited experience.

Plus, it can be challenging to establish a brand and build a customer base. You’ll need to find a way to market your business, so it stands out from competitors.

Franchise vs. Own Business: The Pros and Cons of Franchising

Buying a franchise offers several compelling benefits. To begin with, franchises come with a proven business model that has been tested and refined over time. This significantly reduces the trial-and-error associated with starting a new business, providing a clearer path to profitability.

As a franchisee, you benefit from the franchisor’s established brand and reputation. Brand recognition can help attract customers more quickly than a new, unproven business, providing an immediate competitive advantage.

And reputable franchisors offer comprehensive training programs and ongoing support to their franchisees. Support can include everything from operational training and marketing assistance to advice on hiring and managing employees, significantly reducing the learning curve for new business owners.

But franchising isn’t for everyone. Franchisees must adhere to the franchisor’s established guidelines and procedures, which can limit creativity and the ability to make independent business decisions.

The success of a franchise is closely tied to the franchisor’s brand and reputation. Any negative publicity or issues at the corporate level or with other franchisees can adversely affect your business. If you decide to buy a franchise, it’s imperative that you choose a reputable one.

Home Franchise Concepts: A Leader in Franchising for 30 Years

Home Franchise Concepts has been a leader in franchising for 30 years. We’re the parent company of ten trusted home services brands: Budget Blinds, The Tailored Closet, PremierGarage, Concrete Craft, AdvantaClean, Kitchen Tune-Up, Bath Tune-Up, Two Maids, Aussie Pet Mobile, and Lightspeed Restoration.

All our franchisees benefit from intensive training and ongoing support, as well as from a tight-knit network of fellow franchisees.

Get Started with Home Franchise Concepts Today

If you’ve answered yes to the question “is buying a franchise better than starting with your own business?” submit a franchise form today. One of our franchise consultants will be in touch to answer your questions about how to become a franchise owner, and help you decide which of our award winning brands is right for you.