Owning a franchise or a business opportunity are both viable options when making the decision to start a business. Before making any choice, you may want to gather as much information to differentiate what is the best selection for your needs. Listed below are the differences between a franchise or a business opportunity.

Benefits of owning an established franchise:

• The business model has been established, meaning that the systems have been set –up, tested and the marketing is in place and there is strong brand loyalty.

• There is ongoing training and support and the franchisor has developed the proper training and marketing campaigns to help grow their brand in your market.

• The franchisor may provide assistance with financing to the franchisee, offering attractive financing terms to their franchisees.

• You have a protected territory and no other franchisees in that brand can compete with you.

Some well-known franchise companies include: McDonald’s, Great Clips, TCBY, and ServiceMaster Clean.

Benefits of owning a business opportunity:

• The investment is typically less expensive than a franchise and the start-up time takes less, allowing for a quicker Return on Investment.

• There are no recurring monthly fees . Usually the only payment that is paid to the owner is for the training they provide.

• There is more autonomy for you to control your business. Since you are not bound by a franchise agreement, you can use your ideas to grow your business without the scrutiny of the franchisor.

• Typically, you can work your business anywhere without paying additional territory fees.

Some examples of business opportunities include: healthy vending, medical billing services and non-medical senior care services.

In short, both a franchise or business opportunity is excellent options to consider if you want to purchase a business. Both are viable to consider and they each have their advantages.

Consider contacting a franchise consultant, they will help you find the right business for you.