While contemplating on the franchise aspect, it may occur to you if having a partner would be a good recourse to consider as it has several advantages and has the added benefit of sharing the load. However, there are several advantages and disadvantages associated to it, impacted by several factors which should be borne in mind. Here are some of the pros and cons of starting a franchise with a partner.
Advantages of being independent:
1. Working solo
While working solo, means you are your own boss and implies more freedom and less restrictions. It is quite plausible to have disagreements and working alone may enable you to run the show as per your ideology and plan of action.
2. Sharing is not always caring
Having a business partner means, sharing a lot of information. It depends on what kind of partner you are engaging, financial supporter or for handling management. This also implies the magnitude of importance and stakes involved. While working with someone does not mean always being on the same page and this can prove harmful in unavoidable circumstances. What makes it worse is the added information, acts as a fuel in an already catalytic situation.
Disadvantages of working solo:
1. Team spirit
Having a partner often makes up a strong team and caters to utilizing combined strengths. It also allows you to share the load and split the jobs, when you have time limitations. This is also a good opportunity if one does not want to devote all the time to the franchise business, and has other endeavours to look after. A partner would prove to be an asset and can double your efforts with the expertise which may not be your genre.
2. Two heads are better than one
It might sound conflicting but sometimes; handling a situation on your own might be very taxing and to tackle problems while stepping up into a new business venture. Having an opinion can be like a value added service and can prove beneficial in the long and short term. Guidance can help you deal with problems better than handling it all on your own with individual mind set and knowledge.
Pro Tip: It is very essential to understand your personality type in order to understand if working alone, or working with a partner would prove beneficial. If you feel you could utilize the perks of working as a team, and wish to split your work then considering partnership would prove beneficial. However, if you consider being a one man army and if you wish to avoid disagreements then you may consider working on your own, while enhancing your own skills as you progress. You may also consider talking to your chosen brand about partnerships and their schemes which will put you in a better situation to decide.
Epilogue: To invest in a franchise is an unnerving task and requires wholesome efforts. While it may be your plan for life ahead, it may also end up as a venture you wish to pursue along with many other goals. Considering a partner in a franchise could be a lucrative option as it has some assured benefits. It also has a hind side which must not be overlooked and has to be considered with all sincerity to decide which alternative will be best for your growth and your venture as well.