3 Ways to Join a Company and Still Be the Boss
NEW YORK ( MainStreet) -- If you have a brilliant idea, lots of knowledge and great business sense, by all means go ahead and run that operation independently. For others who haven't created a unique product or service but know they want to be their own boss, a structured organization is likely to be better.
There are options for everyone, including those who consider themselves further to the independent side of the scale.
Understanding the difference between co-operatives, franchising and licensing can help an owner decide which avenue would be the best business for them.
|The roughly 4,600 True Value hardware stores operate under a co-operative structure.|
Examples: McDonald's, Great Clips, Maid Brigade, Five Guys, Subway
Pros: Essentially a business-in-a-box, already set up with proven systems and operations that are supposed to ensure success. Lots of support from the franchisor.
Cons: Franchisee has little control over the business other than day-to-day management. Buy-ins, especially for more popular names, are expensive. Franchisees must contribute to marketing funds and pay a percentage of royalties to their franchisor.
Level of independence: Low
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