If you are planning to invest in a laundry business, one of the major factors to consider come to mind: Do you franchise or own the business yourself? Sure, both would entail having to purchase laundry parts and equipment from Laundry Replacement Parts and share the similar goal of garnering more income, but they also have stark differences. There is no option better than the other as it all depends on your needs and current resources.
But of course, we wouldn’t want you to choose without knowing the pros and cons! Read on to learn about franchising and starting your own laundry business.
Franchise a Business
When you invest in a laundry business franchise, you will automatically enter an established system that’s proven to be successful. A lot of people would say that purchasing a franchise is an easy way to start a business and become your own boss because all the paperwork, administration, numbers, and the “boring” tasks are done, and you’ll just need to follow instructions.
Here are some of the notable benefits a franchise provides:
- Ongoing guidance
- Operational assistance
- There’s no experience required
- Training programs for you and employees
- Great success rate
- Easier to secure finances for franchise businesses
That said, owning a franchise isn’t as easier as one would expect. You don’t simply say yes and everything is successful! You will still need to work hard and put in a lot of time and effort for your business to grow. Here are some disadvantages a franchise presents:
- You enter a formal agreement with a franchisor
- There is little room for creativity
- Pressure due to having to follow the brand exactly as told
- Restrictions on location, products, sold, and suppliers used (for example, if the franchise uses alliance laundry parts, you will need to do the same)
- It’s not always renewable
Owning a Business
Owning or buying a business means starting from scratch and going from the ground up. There are many benefits to starting your own business, such as:
- Fewer upfront costs as you decide the budget for the month and go at your own pace
- You have more adaptability and flexibility. You will also get more of a say on what to do, since this business is your idea and you can implement what marketing strategy you believe works
- Professional growth and freedom
Starting your own business is seen as a bolder idea with more risk because everything will rely on you, thus needing to work even harder. Here are some bad parts about owning your own business:
- There’s a higher risk of failure
- Low compensation in the beginning
- Lack of resources as you will start from scratch, which means you have to look for investors, co-founders, and provide training yourself
- Lack of processes
- There’s a chance of experiencing more stress and giving more time into the business
Wrapping It Up
Now that you know more about franchising or owning a business, you are one step closer to making a decision. Good luck!