Being your own boss sounds great. You get to have control over your life and a choice to make regarding how much risk you want to take for your investment. A choice you can make if you want to open a business is whether you want to launch your own startup from the ground up or invest in a cell phone repair franchise. Each option comes with its advantages and disadvantages, but it’s clear that you’ll take on more risks with a startup than with a franchise.

Risks of a Startup Business

1. Creating a brand

It can take years to identify and establish your brand. It’s one of the reasons businesses fail because it’s difficult to expand outside your immediate circle without hours, weeks, or years of intense work to make signs, logos, and apparel. A franchise already has a brand that people know about, which cuts the workload down and gives you an advantage right from the day you open the doors to the public.

2. Coming up with Financing

Securing financing is one hurdle you have to overcome when launching a startup. You’ll need to come up with a plan and sell it to encourage people and other organizations to invest in your purpose. A franchise helps make the plan, provides recommendations for financing through partnerships with financial organizations, and can give a general overview of how much money is needed to get off the ground.

3. Lack of Support

It’s impossible to do everything on your own. A stable support system is necessary if you want to be successful. Issues constantly come up and it’s helpful to have someone else to brainstorm with. Franchises offer support from corporate and regional leaders along with guidance from peers who have expertise in the business.

4. Available Resources

All businesses need supplies to operate no matter how large or small. Small businesses still need to have a website, marketing, and financial assistance. Other costs include supplies and signs. A franchise can connect you with third-party vendors that have exactly what you need to operate. You might also be able to benefit from discounts from these companies because the overall franchise operates on such a large scale basis.

Franchises aren’t free from risks and concerns. Success is never a guarantee, but the scales tip in your favor if you pursue a franchise opportunity over your own startup.