Have you ever felt like it would be great working for yourself? Imagine for a moment running your business how you want to. The stress of a rigid workplace environment would be gone.
Or maybe it’s the mundane work that you want to get away from. Whatever the reason, starting your own business is a great solution. There are two ways to quickly start your own business, if you don’t want to develop your own concept.
The first is to purchase a franchise and the second is to purchase a license to a business model. But what is the difference between these two ways? That is what we are going to explore in this post. Let’s jump right in.
What exactly is a franchise?
A franchise is like a lease on a business model and brand name. You pay a nationally recognized company to sell their products or services, using their methods, following strict practices, in their locations.
With a franchise the upfront cost can be large. And with most franchises, you have to pay royalty fees to the franchisor every month which are based on a percentage of your sales. This can often get quite expensive.
On the other hand, when you own a franchise, you don’t have to worry about marketing or advertising because all of that is done for you (there may be some local advertising dollars you need to invest in).
And you are buying an already known brand so you don’t have to spend time building your business from the ground up. And as prices, types of products, and inventory are already set for you, you don’t have to worry about any of that.
While this works for some people, others may want a little more freedom.
What exactly is a license to a business model?
While licensing is similar to franchising, there are some major differences. First, with a business license you are paying a company to use something of theirs. Imagine for a moment that you are interested in becoming a utility bill auditor. If you were to buy a license from ECS you would get training to be a utility bill auditor. You don’t own, or even use, the ECS name. You are simply purchasing their knowledge base. All advertising and marketing, client seeking, and location picking comes from you.
With a business license you get more freedom. Freedom to work when, where, and how you want. Going back to a license from ECS Business Services, you are buying the knowledge to audit bills and with that knowledge you are free to seek out as many, or as little, clients as you would like. And instead of royalty fees, you pay a small fixed monthly license fee. What this means is that the more money you make per month, the more you get to keep.
While there are some similarities between franchising and licensing, it’s the differences that you have to choose between. Do you want freedom to truly be your own boss and run your business exactly how you want or do you want the stability of a nationally recognized brand?
If you are leaning towards a license, you might want to consider utility bill auditing. With an affordable license from ECS Business Services, you will have access to our back office staff with decades of experience. Instead of trying to learn everything there is to know about utility bill auditing on your own, learn from us. We’ve been doing this a very long time. It’s affordable, flexible, and the best part is that any company who uses utilities is a potential client. This means that you literally have millions of potential clients. You only have to decide on how many to take on at once.
Watch this exclusive video to learn more about your earning potential with ECS Business Services.
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