When buying an existing business, there are many things to consider. What industry should I consider? Where is the best location? Independently owned or part of an existing franchise? Both independent and franchise businesses can offer a wide variety of options in Tampa for you to choose from- everything from food service to entertainment. The expert business brokers at Rockrose Realty Inc. can help narrow down your search to find the perfect match for you.
The Difference Between Independent and Franchise Businesses
If you buy a franchise business, you are purchasing an established name in a protected territory. With a franchise, you agree to follow the franchisor’s policies and procedures. There is often very little room for change without prior approval. Furthermore, the franchisor may periodically require you to make changes. Although this keeps the business fresh and exciting, there is no discussion with each franchise owner when the changes are rolled out. Interior and exterior decor, uniforms, marketing, and advertising are just some of the decisions typically made by the franchisor. However, the methods used are already rooted and proven to work. The franchisor will do prior research on the location to ensure the business has the potential to succeed in your territory.
With an independent business, methods may already be in place, but you wouldn’t need franchisor approval to make changes. You’d have the ability to make changes as you see fit. Additionally, with an independent business you will not be responsible for paying a franchise fee or ongoing royalties that help support the more significant name, but because the business is lesser known, there is a much greater risk. Franchise businesses also allow you to be part of a larger team. This could give you greater discounts when purchasing supplies, ongoing training for your employees, and a continued support network.
What’s Best When Buying an Existing Business?
Deciding if a franchise or independent business if a better fit is different for every individual. You must examine the wants and needs of the business relationship you’d prefer as each side has pros and cons. If you are someone who enjoys a structured business, then a franchise would work best. In a franchise environment, things must be done a certain way and the rules are already laid out. You are following the lead of others who have had success to achieve your own success. However, if you need more freedom to make your own choices a franchise business would not be a good fit. It would make more sense to steer towards an independent business if you don’t enjoy other telling you what to do or how to run your business. If you want the freedom to make changes as you wish, and you’re comfortable with the risks associated with not being part of a team, an independent business would suit you better. Business brokers can help examine your desires to come to the best conclusion for you.
Contact Us Today
The business brokers at Rockrose Realty Inc. are here to help you along the complicated process of buying an existing business in Tampa. We’ll find the best fit for you with ease. Call us now.