Jun 25, 2019
Welcome to Finance and Fury, the Say What Wednesday edition
John’s Question:
I thought a useful topic could be about pros and cons off starting a business and starting your own business vs buying a franchise system etc. and using a business to achieve financial freedom.
Personally, I have been looking into options to start a business both online and franchises. I have found that starting an online business can have a very low startup and ongoing costs, which is attractive but finding something that can be worthwhile is difficult. So far I have been leaning towards buying a franchise due to the systems already in place and there service or product already being tried and tested. But obviously, this incurs a higher startup cost and ongoing franchise fees etc.
But I am not a skilled tradesman or professional such as a website developer or marketing expert etc. with a unique selling proposition, so therefore a franchise system is most likely a better option for me to pursue.
Starting an online business or franchise
First – Check out the Episode towards the start of the year about figuring out what type of business to get into – Won’t cover that part – but say that you have an idea in mind about the type of company:
How do you start a business?
What if you don’t know what type of business to get into, or don’t have a selling proposition? – Purchase a Franchise
How does the purchase of a franchise work?
What are the best ways to structure each?
Which has better cashflow potentials?
How do the valuations work on a franchise compared to a company?
Summary of pros and cons of starting a business vs buying a franchise system
Thanks for listening,
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