Recently we’ve spent some time looking at franchising: The pros & cons, questions to ponder and doing your due diligence, I guess you now have a pretty good idea whether or not franchising is something you would like.
But there’s an alternative to franchising that we haven’t talked about yet and that is starting your Fingerprint & Keepsakes jewelry business yourself. And that is what we’re going to focus on today. After considering the possibilities, starting this kind of business yourself can be a much better idea. Here are some of the main points to check out:
As a franchisee you don’t have control over how the business is conducted. You generally don’t even have control over products, territory and pricing. In other words, you have to follow the rules and regulations that the franchisor sets or you risk losing the franchise. In your own business you are the boss, you decide what happens, and where & when you want it to happen.
Inexpensive Startup Costs
You won’t have to borrow a large sum of money to get started. A typical Fingerprint franchise can cost around $20,000. Starting your own can easily be done for under $2,000. Saving you a lot of money in repayments during the first 5 years of your new business.
The tools and equipment needed are very low, to get started you won’t need more than $400 – $500,00 you can always add more when you need to. Your website and promotional materials could add another $500 – 600.00 Then add some materials and displays and your nearly there.
Because it’s your own business, you will have complete and total control over every single aspect of the business. You can choose when you work, where you work – especially if your business runs online), what products you offer. All decisions are based on your own ideas, no one else’s! Flexible working hours are a must for young mums, children get sick, or need to be dropped off at practice etc.
This goes along with freedom, starting and running your own business gives you the flexibility to: Exercise your creativity Go with the market Add additional products to your collection whenever you want to
Starting your own business lets you build on your passion. Of course, you’ll have to do some research first and make sure what your passionate about can be a viable business opportunity. Starting your own business gives you the freedom to do what you love, building a business you really enjoy.
Challenging and Rewarding
It can be a challenge to start your own silver keepsakes business, it takes time and focus. But it’s also very rewarding and you will reap the rewards of all your early work for years to come.
Here’s that freedom word again! You control your own financial destiny. You have the ability to make as little or as much as you want, depending on how much time and dedication you are able to put into your work. There are no ongoing franchise fees or royalties to pay and no expensive loan to repay, making your chances of success so much greater. With no huge fees to pay when times are slower, there is just less to worry about.
No pressure – work when you want
You’ll be the one setting the targets, it stands to reason you’ll set them to suit you and the time you have available. No pressure means you can feel happy spending time with your kids when there’s something on at school, sports, or any of the many things that happen in your children’s busy lives.
Work where you want
You might decide to start working locally, it makes sense to start small. But after a while you may want to extend you reach, sell further afield, maybe even online. You make thise decisions, you can do the research and make it happen, anywhere! Today’s technology allows you a freedom that puts you on an equal base with anyone else, big or small!
One of the biggest rewards to starting your own business is the satisfaction in knowing that you are helping others by providing beautiful jewelry that makes people happy, it is one of the nicest aspects of our business, the memories you create in a precious material, are treasured by your clients forever!
This list of advantages to starting your Silver Keepsakes business yourself goes on and on, I hope it can serve as a starting point to get you to start thinking about the advantages of starting a business instead of franchising.
In closing, the main reason starting a business is probably a much better option than franchising because the freedom it allows you in every area of your business and your life. If you’re an independent, creative person who wants to be in control of their own time, money, freedom and destiny, starting your own business should be the way to go.
Check out my book: ‘How to Make Fingerprint Jewelry’ to get all the techniques in step by step projects, the tools & equipment required and where to get them.