Being a small business owner has a number of benefits, especially for moms looking for some freedom when growing their family. As the owner of your own business, you’re able to set your own hours, work when you want to and generate some profit to help you and your family.
But being a business owner of any kind is some seriously challenging work. Whether you’re an independent business owner or the owner of a franchise, there are some benefits and drawbacks of each. Which one is right for you will depend on what you’re looking for out of your business.
Let’s take a look at a few of the things you need to know when deciding which is the right fit for you.
Independent Business Owner: The Good
As an independent business owner, you’re truly in control of the day-to-day operations. You’re able to decide what products or services you sell, how you sell them, the name of your company and what branding you use. You’re the CEO, fully capable of making business decisions.
This also means you really are in charge of the hours you work and the money you make. As an independent business owner, you can control how much time you spend working on your business. This is perfect for the stay-at-home mom with small children who need to be taken care of.
Independent Business Owner: The Bad
Being the CEO of your own company isn’t all glamorous. You’re solely responsible for the success of your business. You’re in charge of making the right branding choices, knowing what products or services your customer is looking for and creating the marketing strategies to help your business grow.
This can be incredibly time-consuming. If you’re hoping your business will bring in a full-time income, you need to dedicate some serious time to getting your business off the ground.
Franchise Owner: The Good
As a franchise owner, you’re able to eliminate some of the stress that comes with being a traditional entrepreneur. Because you’re buying into a company that has already established branding, products, services and general marketing techniques or offers, you’re able to jump into the business world with a lot of the work done for you.
Being a franchise owner also gives you access to other owners of similar franchises. This kind of connection system can be extremely valuable to new business owners trying to build a successful company. Not only that, but you have a direct relationship with the franchisor. Owning a franchise can help you find a mentor and give you some real-world experience with running a business.
Franchise Owner: The Bad
There have been many debates as to whether or not being a franchise owner truly equates to being an entrepreneur. If you have dreams of calling the shots, creating your own business and selling a product you love, owning a franchise may not be the right decision for you.
As a franchise owner, you likely have employees you need to manage, orders you need to fill and a demanding schedule relying on you to give your all each and every day. The success of your company is also connected to those around you, meaning you may pay the price of a mistake by another franchisee or the franchisor. For mothers, especially those with young children, you may not have the time to dedicate to owning a franchise.
It’s up to You
Both owning an independent business or a franchise can bring unique benefits and drawbacks. Being an independent business owner can give you some more flexibility, but you’ll need to be incredibly focused and disciplined if you want your business to become more than just a hobby. On the other hand, owning a franchise can set you up with a business and team that wants to see you succeed, but it may mean a serious time commitment.
Knowing which is right for you depends on what you’re hoping to get out of the business-owning experience. Consider your needs and the needs of your family when making your decision.
Anum Yoon is a millennial money blogger and writer who absolutely loves sharing her insights on personal finance, lifestyle and health. You can read her financial tips on her blog, Current on Currency.