Should I Open a Franchise or Start a Business?

(Shared by Jennifer Dunn, Program Assistant, Endeavor Center, OSU South Centers)

Bplans
by: Kenneth Burke

The feelings of ownership and fulfillment that come with entrepreneurship are only beaten by the rewards that pay out if your venture succeeds! But there are drawbacks, too—namely a lot of work and risk.

It’s because of these pros and cons that so many ask the question: Should I open a franchise or start my own business? There’s no blanket answer because you need to consider several things before taking the next step.

After starting Kenneth Burke Media and getting into the tech startup scene with Text Request, I have a good idea of what it takes to start your own business. Thankfully, I also work closely with Julie Batycki, VP of Operations and Development for Educational Outfitters. They’re the nation’s number one school uniforms franchise and two-time winner of Franchise Business Review’s Best Franchises to Own award.

She knows a thing or two about opening franchises, and together, we came up with a set of questions to help you see if starting a business or opening a franchise is better for you.

What are you hoping to get out of business ownership?

There are several reasons you might want to own a business.

Maybe you’re looking to:
•Find the next challenge of your career
•Prove to yourself you can do it
•Monetize a hobby or interest
•Gain the freedoms that come with ownership
•Or any number of other reasons

So first, figure out: Why do you want to do this? Read more…