Are you thinking to buy a Franchise or start your own business?
Happy New Year everyone! Are you hesitant about what to do to, invest in a franchise business or start your own business? Maybe you are wondering, deciding what’s best?
After many years of experience I think that a franchise business is a good idea but starting your own idea is good too! In this video I’ll share some pros and cons for each scenario based on my own experience.
I have own both a franchise business and my own business idea and actually today they are in operation.
I am John Ordoñez, entrepreneur for over 20 years owning franchise businesses and owning my own business too. Based on my own experience I have a lot to tell you and maybe share some advices to you before you make this very important decision, I hope this video can help you.
What is a franchise?
It is the right or license granted by a company (franchisor) to an individual (franchisee) to market and/or trade products and services in a specific area or territory.
The Product: This is when a franchisor gives a franchisee permission to sell a product using their logo, trademark and brand name.
This comes with responsibilities and obligations, you need to pay royalties( An amount sales percentage)
Need to follow company procedures
Need to hit sales and goals
What is your own business idea?
Need to have an idea, hopefully/Ideally a good idea
Need to work very hard and create everything by your self
Need to know about the business and hope have have experienced so you can execute well or better and so you can move your business to success.
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