Today businesses have to be very careful of where each and every dollar is being spent. As we all know there’s a lot of chatter going on right now about the economy and whether or not were going to slip backwards or start moving forward. If only we had the answer to that nagging question. There are arguments from both sides on whether or not it’s a good time to start an event planning business. Often times during economic downturns there are more programs available that may help you get your business on its feet. And sometimes our own situation points us in the direction of starting our own business. For people starting their own event planning business a question on their minds is whether to go it alone or to hook up with the franchisor. In this article I’m going to explore some of the pros and cons of going it alone. It truly depends on the personality type of the individual as to whether or not it’s a good idea to go it alone.
The Pros of Going It Alone in the Event Planning Business
Of course the first thing that comes to mind when starting your own business is that you have complete flexibility and control over your operation. Some additional benefits of going into the event planning business on your own are;
- you have complete control over your standards
- you do not have to pay out any set marketing fees
- there are no franchise fees to pay
- as your own boss you have complete flexibility
- set your own work hours
- you are responsible only to yourself
One of the biggest areas of an independent business is the personality type of the owner. So that’s an area that only you can truly answer. Sometimes you do have to sit back and analyze your work ethic. What you’re basically trying to determine is whether or not you have what it takes to work on your own and for yourself.
The Benefits of a Franchise Model for Your Event Planning Business
Franchise business models are becoming very popular in a number of industries. The event planning industry has seen a significant increase in franchises available. Even in today’s economy I’m seeing the network marketing business model reaching newer industries and the event planning industry is certainly one of them. The benefits of associating your event planning business with the franchisor are;
- a tried and tested marketing plan
- lead generation – providing you with a stream of potential clients
- cookie-cutter operational procedures that you can easily implement
- advertising for your company that would otherwise be too expensive
People that have come from corporate world to start their own businesses often say one of the biggest issues they have to deal with is how alone they suddenly feel. And like most start up businesses they may be working from a home office. Understandably a lot of people have a hard time being productive in a home office. There are a lot of distractions and temptations that can take their mind off of work and the tasks at hand. And often times a franchise business model may help the business get on its feet quicker than if they were building their business from scratch. But there are certainly is a price to pay for aligning with the franchisor. It is something that you really need to research and do your due diligence before you make a decision.