There are hundreds and thousands of brokers out there who carry ample experience and expertise. Many of them wonder if they should start their own firm or franchise. If you are reading this page, you are probably one of them and seeking the right answers.
Well, at this stage, you can consider all the pros and cons of the different options to get some clarity. Franchises offer benefits as well as some risks, and what options are right for you will also rely on your situation and personality.
Take a closer look at the pros and cons of each option and situation and consider the challenges. Compare the options before making up your mind or making the final decisions. Read on to learn about the pros and cons of each option.
The pros of having your own franchise
When you own a firm or franchise, you get the full opportunity to run a successful business. With great technical support, a successful training program, and a proven track record, you can surely look forward to some higher success rates. With a franchise in hand and well-established systems, you get a business that is ready to run. A franchise carries the inherent benefits of being part of a larger, successful company.
The cons of having your own franchise
Franchises come with their own challenges, and lot depends on which franchise you select. It can be expensive, and some franchises can be had for astronomical amounts. Moreover, one needs to take care of the ongoing expenses that can slash down the profits significantly.
The pros of having your own firm
If you really have a great idea, you can certainly go ahead and start a brokerage firm. All you need is some cushion money and expertise, and a great network to make a flying start. You can implement your idea starting with a small firm that could be placed in your basement or in the garage! Moreover, within a couple of months or years, you could move your firm to a better business location.
The cons of having your own firm
Just like any other business, there can be some risk of starting your own brokerage firm. For example, you will face the uncertainties of getting regular bussing to survive and if the customers will like your idea or product. Statistics show that most brokerage start-ups fail, which can discourage many aspiring brokers out there.
One can either start their own company or join an existing firm to become a broker-dealer. Don’t let the risks and uncertainties hold you back. If you have the confidence and the zeal to succeed, go ahead and s invest in a brokerage franchisee or start a firm for brokerage. Nothing can be compared to the freedom of being self-employed and being your own boss. Turn your dream into a reality but expect to put in long hours of hard work and strong dedication and march ahead with a focus to win despite all odds. Whatever direction you take, you will need to put in a lot of work, time, patience, and funds.