You’ve decided to resign from your digital marketing job and to venture into a new exciting chapter in your life – owning your own digital marketing company. So, how should you go about it? Do you work effortlessly to build your very own empire from the ground up? Or, do you investigate buying a digital marketing franchise that, obviously, should have all the fundamentals and building blocks already in place?
The advantage of investing in a franchise business is that it normally comes with a developed business plan, ongoing guidance and systems to assist you in doing business efficiently. We’ve listed a few other advantages and disadvantages for you to consider before signing on the dotted line.
The advantages of investing in a digital marketing franchise include the following:
- As a franchisee, you are offered the independence of being a small business owner with the support and benefits within a bigger business network.
- Business experience is not always necessary to buy a franchise. The franchisor normally offers training and guidance for you to operate alongside the franchise’s guidelines and business model.
- Finance for a franchise may be easier to obtain than a business loan. It may also cost less to invest in a franchise opportunity than to start your own business from scratch.
- When opting into a franchise, you form part of an already established brand and reputation.
Amongst the disadvantages of investing in a digital marketing franchise are the following:
- When purchasing a franchise, you enter into a formal agreement with the franchisor. This agreement normally dictates how you need to run the business, and it often allows little room for your creativity, additional ideas and plans when it comes to your digital marketing strategy.
- Usually, there will be restrictions on where you operate, the services you offer and the suppliers which you should use.
- If other franchisees perform badly, this may affect your franchise’s reputation.
- Franchises share ongoing profits with the franchisor and the franchisor can choose whether he or she would like to renew your agreement or not.
With the above taken into consideration, be cautious and do your homework before you decide to tackle your own digital marketing franchise. Make sure that your own thoughts and ideas align with those of the brand you want to invest all your energy and time into.