Thursday, July 11, 2013

It takes lot of considerations before one decides to start with a business and to decide what kind of business to adopt, buy a franchise or start with own business is one of the most important decision an individual takes to realise his or her entrepreneurial dreams.

Franchise vs Own business is probably one of the mostly contemplated matter in the initial phase of brainstorming. Entrepreneurial qualities needed in either are quite similar however at different degrees.

The best way to make the decision is to base it on comparing the two and analyse the pros and cons of the either types and chose what suits you best. Either types of business have their own pros or cons that make them equally favourable and unfavourable, however revisiting the pros and cons in a structure way will help you in choosing what suits you best.

A Franchise business comes with numbers of features such as having a proven formula in hand increasing the chances of success drastically, they have well established brand, ready to implement operation mechanisms, a well structured and long standing training program, well drawn marketing plan, assures faster Return on Investments and a lot more as there is a parent company safeguarding the business interest and guiding you through life time. However it also has its own cons, it does come at a price, there is ongoing and other fees charged, lacks flexibility and operations is in complete controlled formats.

On the other hand the own business provides opportunity of being creative, has increased flexibility as business is completely under your control, you enjoy returns completely and control and change operation as per your will. However, the risk involved is very high as you do not have the benefit of a proven family, and most exercises will be experimentation with no surety on success. The factors like competition, brand awareness and marketing might make or break the business. You’ll have to be on tiptoe until business gains stability, which could take years.

These are the most common pros and cons of business, IIHT Technologies as a franchise considers its franchisee as business partners and is guided by the principle of operating in the best interest of the partners as it aids to success of IIHT. Please send your queries to franchise@iihttechnologies.com for further information on IIHT franchises.