Do I start my own business from scratch or buy a proven business franchise?
The choice depends on your time and financial situation.
If you are young and have plenty of energy but little money, start your business from scratch. It’s cheaper, and you have the time to grow your business and learn from your own mistakes. Not only that, but you will answer to no one but yourself.
On the other hand, if you are older and do not feel you have the energy to build a business from the ground up but are blessed with some capital, you should consider buying a franchise. This will significantly cut short the process of figuring out the whats and hows of business ownership, because you can move directly into a commercial enterprise and just focus on the profit-making. You will, however, need to be a good Mechanic as you follow the system stipulated by the franchisor.
The table below will give you an idea of what type of business you might want to venture into, based on your financial status and how much time (based on age) you have to make your business successful:
|No Capital||With Capital|
|You’re in your 20s or 30s and have a minimum of 15 years to build your business before retirement.||Start from scratch with low capital. This is similar to the Apple start-up business model.||Buy an existing business and build it up with systems similar to the Ray Kroc’s McDonald’s model.|
|You’re in your 40s or older and have less than 15 years before retirement||
Start a consulting business to offer professional advice or services.
|Buy a proven franchise business.|
Regardless of your final choice, you still need to master the skill of Salesmanship, Leadership and above all be a Disciplined Entrepreneur.
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