You’ve decided to head out on your own and become a business owner. You’ve secured the funds, identified a market, and know what you’re looking to sell. Should you join an established franchise or build your own company from the ground up?

Your decision will probably be based on factors that include available funding, your personal goals, and your personality. It may also depend on whether you consider yourself a business person or an entrepreneur.

Let’s take a look at the advantages and disadvantages of each option.

Owning a Franchise

With a franchise, you have a built-in support system. You have a brand that’s been tried and tested. Hopefully, most of the expensive mistakes of that particular business have already been made, and you have a successful business model that has been proven nationally.

Franchise opportunities usually come with advertising and marketing support. Having to create these things on their own is where many entrepreneurs can fail. In many cases, you’ll be provided assistance in hiring and help with regulations regarding that particular business. The premise of a franchise is that of modeling a basic business principle. It means that you don’t need to reinvent the wheel. You take the systems that have been proven elsewhere and duplicate them. Franchises are impersonal, but reliable.

There are some downsides, of course. Depending on the franchise, initial costs can be significant. There will be ongoing fees as well. You’ll be limited to where you can buy your supplies, and there will be a host of rules, regulations, and guidelines to follow. If one of the reasons you want to get into business is to be your own boss, you may be uncomfortable with this oversight. There is also a lack of creativity and flexibility with a franchise. When you buy a franchise, you’re paying for name recognition and customer expectation. The problem with expectations, however, is with franchises you’re limited in your ability to exceed your customer’s expectations.

Starting Your Own Business

Starting your own business from scratch will be one of the most challenging and potentially rewarding things you can do. If you already have a concept in your mind and it’s reasonably unique, starting your own business is really your only option.

Perhaps the best thing about starting your own business is that you are the boss. You make the decisions you want and get credit for the results. It can, however, be the worst part as well. The buck stops with you and you need to be prepared to make the tough calls. There will be times when you may question your decision making. Days will be long, and mistakes will be made. It will sometimes be a lonely, frustrating journey.

If you keep your vision unobscured however, watching your own business come together and grow is an incredibly rewarding experience. It’s an opportunity to implement your ideas, inject your personality, and infuse your philosophy into an organization from the ground up. The best entrepreneurs build legacies that last far beyond their initial goals.

Business Owner or an Entrepreneur?

Someone can buy a business or even inherit one. That doesn’t necessarily make that person an entrepreneur. An entrepreneur is someone who creates and implements ideas and enjoys the process. The process of entrepreneurship can be slow and sometimes frustrating, but the ability to overcome obstacles like these are what differentiates the small business owner from the entrepreneur. Most entrepreneurs are business owners, at least at some point. However, not all business owners are entrepreneurs.

Which are you? You can buy a roll of cookie dough or create your own recipe. Both products may be delicious, and the guarantees of success and personal fulfillment are both different. This example may ultimately be the deciding factor of whether you should own a franchise, or start your own business.