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personal business name

personal business name
Registering your own business name, could be all it takes to cross the Rubicon. Your business name can become a global identity with time, but you must be courageous enough to set the pace. Most brands we celebrate today, were birthed by business minded individuals, who saw a need, and worked towards meeting it. When you register a company name, it gives you control of the name, you have patent to things done in the name of the company.

This has a way of making you a boss, because the success of the business will inadvertently, make you a CEO, and you can easily make this a possibility, by taking the initiative of owning your business name. Owning your company name, is crucial for building a business empire, the legacy attached to the brand will outlive it's founder.

Most brands with incredible social influence, were formed years back, but the personified nature of brand names, makes them relevant in present generation. Business opportunities are created whenever a new brand is registered, this goes a long way in creating employment and increasing available human services. Owning your own business, could have a major influence on the world, but this is possible only if you can provide global solution.

Your business name gradually becomes your identity, so all necessary efforts should be made in protecting it.

Pros
• You can build your own empire. • Makes you a reputable boss. • Creates employment. • Implement's the ideology of the founder. • You can influence the world, by providing global solution.

Cons
• Require personal funding. • Expansion might take time.

Supporters

Mehano

More freedom

If I ever had to choose between these two I'd for sure pick to open up my own personal business. The franchise can be extremely hard - most people think that it's easy but it isn't. You have to obey their rules. You are never your own boss because you can't just do whatever you want. There are special regulations for every franchise and it can be very costly as well.

I prefer just opening my own personal business where I can create and make anything that I envision. I don't have to follow anybody else's rules and I have far more freedom which is important for any business man. I feel like franchises tie you down too much.

Posted by Mehano on 09-12-2017
Wubwub

More Control

I think either of these could be a good choice and are pretty much similar as long as you already know the formula and are good at navigating within each one's boundaries. However, I do think that if you are really good at doing business, then your skills or talents will be best served just building a brand on your own since you get to have more control over what you can and can't do to move the business forward. With franchises, you'd always be subject to the rules of someone else's brand, so even when you have good ideas that can possibly catapult your business massively, you still might not be able to get permission to do so, or at least it might take longer or it might prove to be more difficult than if you had your own brand instead.
Posted by Wubwub on 09-11-2017
sspi

Better for sure

Franchising is a good opportunity, but I would still prefer to have my very own business, where I come up with the name, products and everything in between. Franchising is too limited in certain aspects and it still feels as if you have to stick to rules as there is the company boss who came up with the original business idea to rule over you.
Posted by sspi on 09-21-2017
Zyni

I'd rather do my own thing... start my own busines

Franchises can be very expensive, not to mention there are often lots of hoops to jump through. I'd much prefer to run my own business, as I see fit. I don't want to be forced to invest in things that I don't agree with or don't feel I need, just to keep things "uniform" with other franchisees.
Posted by Zyni on 09-12-2017
BigDreamer

It's all yours

With a franchise part of the money is paid to be part of the franchise. With your own business name it is all yours. I don't want to work my tail off for my business just to have to give a portion of it to someone else.
Posted by BigDreamer on 09-14-2017
galegatling

More profit and being famous

I always wanted to have my own business even if it's just a flower shop or a pet shop. And I firmly believe that having your own business name would lead to a successful cash flow and also no hassles in the long run because you are the only one managing your business and you don't have think about anything else rather than getting customers.
Posted by galegatling on 09-12-2017
Joteque

Be the boss why don't you?

Sometimes in business the safer route is the one with the least payoff or investment returns. I kinda feel this way about franchises. The one thing that I also notice with franchises is that there is not much dynamics in that you always have to stick to a business design dictated by the key business to which the franchise represents. This does not leave much flexibility to the new business person. At least with your own business, there are more opportunities and expansion for growth and the potential to try something new or different which may lead to a breakthrough is much greater. Hence the chances for success once these conditions are executed with favorable conditions is much more possible than it is with a franchise business.
Posted by Joteque on 09-17-2017
giovanniiiii

Satisfaction

Using your own personal business name would be hard at first since there is so much difficulty in building your market and your customers must be impressed in their first purchases. My parents started their own business when I was still young and I have seen how difficult it was for them to maintain the expenses too. There were not much problems with competition since back then, there were no shops with similar services, which was woodwork. It's been 19 years and our family business is stable. I feel proud that my parents have made it through with the help of the business.
Posted by giovanniiiii on 09-12-2017
anna

My preference

This would be a better way to run a business in my opinion. A lot of people want freedom when starting a business and owning their own business without a corporation would give them more freedom.
Posted by anna on 09-13-2017
wiseagent

My way.

The best way is always the one with which you feel good, so... For me, the best alternative is to open my own business. Build everything from scratch and follow my growth in a particular way, with my ideas and my rules.

I think most of the time the franchise system is very unfair (it's definitely not something for me).

Posted by wiseagent on 09-12-2017
DanoCath

Personal Business Name!

A lot of individuals dream of starting their own personal business and I'm one of those many individuals. So if given a chance, I would excitingly love to have a personal business name rather than franchising.
Posted by DanoCath on 09-27-2017
blank629

I'm the boss!

Building a personal business is hard. There are ao many things must do. But if it is starting to grow and known in the industry, all you need to do is relax and keep maintaining at the top. It is way better to have your own business than to franchise. For me, I will push my effort building my own business.
Posted by blank629 on 09-13-2017
Soulwatcher

Personal business name!

I started my own business once and I ended up flushing $1,200+ down the drain. I made my own web hosting company and I had a big pipe dream and I thought that I knew a lot more than I really knew and it was a very costly mistake that I would like to never repeat again.

P.S. I lost the $1,200 in the early the early 2000's when $1,200 was worth a lot more than it is now.

Posted by Soulwatcher on 10-12-2017
Heatman

Grants you opportunity to improvise

Having your own business name comes with a lot of added advantages than operating under a business franchise. It would afford you the business opportunity to take your business to any level or extent in order to achieve your set goals and objectives. But if it's under franchise, there are bound to be limitations because you aren't operating on your own terms and conditions.

I can quite probably agree that having a business name registered is very stressful, time consuming and capital incentive but the picture to be looking at is not the cost of acquiring such business name but the benefits it would grant you at the long run and I would boldly say that it's worth all the stress and money in the world to get your own business name up and running because it would pay you more than you can ever imagine.

Posted by Heatman on 09-19-2017
Kakashi2020

Own Unique Business

If I'm going to open up another business, I'm not getting a franchise. I'm going to build my own business with its own unowuebusiness name and personally source out suppliers for my product. Thereby saving a ton of money.
Posted by Kakashi2020 on 02-12-2018
fishbate

Your own...your way

Having a business with my name on it is a dream for me. Also i think having my own business will benefit me and my family specially in the long run. Having my own business will somehow brings out the best of me and my abilities.
Posted by fishbate on 04-18-2018

27%

Franchise

Franchise
Franchise is a good way, of tapping into the wealth of existing brands. People find it difficult, meeting up with the demands of starting their own business brand, this could be as a result of several barriers. Capital is one of the basics of starting your own business, without capital, things could end up as mere dreams. Huge capital is mostly associated with certain products, this makes it almost impossible for beginners to compete with well established organizations, a reasonable alternative is to franchise, because most companies can offer financial assistance to franchise associates.

You can easily harness this avenue of raising capital, by franchising. The management of franchise business is highly organized, the business already have an existing pattern which can be easily followed, everything is geared towards success, and the manager is not an employed staff, but the owner of the business, so things will not be handled with levity.

The management of franchise business, is perceived to be highly motivated, owing to it's ownership and management structure, the management try to meet up with existing standards.

Starting your own business from scratch, might require expansion time, opting for a franchise will make expansion easier, you don't have to spend much on advert, because people are already aware of the brand. The increased level of organization associated with franchise, reflects in the kind of profit they deliver.

Pros
• Increases profit. • High level of organization. • Increases growth rate. • Provides capital assistance. • Reduce advertisement cost. • Ensures quality. • Efficient management.

Cons
• You are restricted to franchise rules and regulations. • The image of the brand determines your success.

Supporters

Tania997

Safer

While it is nice in theory to have your own brand, be your own boss and dictate how everything works in your company, it is very dangerous to do so. I feel a franchise is much safer because people already know that brand and you are sure about your success. Starting a new business requires funding you might never get back.
Posted by Tania997 on 09-12-2017
Flipppy

Just an opinion

For me I will choose a franchise cause there's already a name on it the people will trust you cause it is something popular against having your own business where you will need to earn every customer by hard work and it would take some time if your business is not good in demand...
Posted by Flipppy on 09-11-2017
Mahshiemonalisa

easier

It's way easier to run a franchise. All the groundwork has been laid for you. The infrastructure is in place. The policies have been created. The brand has been marketed. It's much easier to run a franchise than to start your own business and try to brand it. Running a business is hard work, even a franchise. But at least with a franchise, there is support behind you - a whole corporation to help guide you and offer help for problems or obstacles.
Posted by Mahshiemonalisa on 09-12-2017
muaaz.93

BRAND POWER !

I believe that if you are short on funds and need to make money quicker than getting an already existing brand tag on your business is way better than building your own brand. There are hundreds of successful people in my circle who have bought franchises of famous medicine and shoe companies. They are making benefits out of it from the day one without any loss as people trust the brand.
Posted by muaaz.93 on 09-12-2017
geloi

Good for Starters

I think Franchising is the most practical way of starting your own business. There are guidelines in Franchising to make sure you get the right return on your investment. You should Franchise business that has already built a good name in the industry.
Posted by geloi on 09-12-2017
Marvadaum
Yes even though franchises require a good d amount of money to set up they are usually easier for first timers. Still, it's not that an independent name can't work as well
JB Fernandez

Learn first!

Franchising is a good opportunity to learn from the success of others. You should consider getting a franchise first before starting your own business. In this way, you'll get familiarized in the operation and can also adapt it once you've decided to make your own named business.
Posted by JB Fernandez on 02-08-2018

Comments

Corzhens
We had 2 businesses before. And although they both failed, we have learned a lot of lesson. The first business is a boutique with a capital equivalent to $2,000. The second is a computer supplies retailing with a capital of almost the same amount. When we closed shop, maybe the total loss is just around $1,000. But with a franchise, some friends have lost millions of pesos, that's around $20,000 because that's the fee for the franchise. With the big difference in the capital requirement, I would still go for my own brand since a franchise is not a sure way to success.
Posted by Corzhens on 09-11-2017
zheh
Honestly this is a really tough choice. Putting up your own business from scratch is a big gamble. No one knows if you'll be lucky enough to make it. But atleast you will be able to do what you think is the best strategy for your own business even with a small capital. While in franchising you will start with a name but you need a really big capital to start, with really good place so you'll know you'll have the edge to survive. Before you can able to get back the franchise fee, it would take maybe about a year. So that's the only time when you will be able to say that you are really earning. But we all know not all who franchise also succeed. It is also a gamble. So i think both style of starting a business is the same. Maybe it doesn't really matter either franchise or not, it all depends on your business knowledge, dedication and will to make your business work.
Posted by zheh on 09-12-2017
lovely
I would prefer to have my own personal business, because I will work hard to make a name for myself.The franchise we are talking about is somebody else's name and if you do not work in consonance with the rules and terms, such franchise might be withdrawn and another is if the franchise is no longer in business then you that had it also will be out of business.So I believe personal finance business is better.you can actually control your business and your labor would not be in vain and you can build it into a conglomerate that can be inherited by your children
Posted by lovely on 09-12-2017
geloi
Franchising is good for those who do not have experience with business yet, while Personal Business can be applicable for both but can be really risky for the starters. What's good about franchising it that they already have existing package offered for their clients, for instance, 2 Food Carts with Free Training, Free website and other stuff that will boost up your sales. You won't need a lot of studies to make sure you get good sales because sometimes when your Franchise has built a good name, People will just come and buy your products.
Posted by geloi on 09-12-2017
Denis_P
I think that it would depend on the type of lifestyle you're looking for. If you're looking for more personal freedom and room for creativity, at the risk of having to work much harder with little return, then you could go for a personal business. It is a gamble that either might pay off or ultimately leave you worse off. Joining a franchise is definitely the safer way which has minimal risk. It is going to be easier to join an organization that already has a firm foundation, but you're going to be playing by their rules.
Posted by Denis_P on 09-12-2017
Sue
It depends on what you are looking for from your business. A small business is good if you are just starting out and you aren't expecting to make a lot of money. It is a good feeling to build your business on your own. There is more of a chance that the business may fail so to have a successful business is rewarding and satisfying. You also need little money to set up a new business. A franchise requires money to buy into it. You can stand to make a lot of money because most franchises are very successful because the name and reputation have already been established. You have to operate your business within their standards and there is alwys somebody above you. You are more free when you run you own personal business. You are in complete control with nobody above you to dictate how things are done.
Posted by Sue on 09-12-2017
kgord
I think that a franchise name might be good when you are first starting out because people sort of know what to expect with a franchise. It is harder to establish yourself as an independent business, and although people do it, it is not the easiest thing in the world. This is why the majority of businesses fail in the first 5 years. They just don't know what exactly to do and people don't know what to expect.
Posted by kgord on 09-12-2017
tophew
For me it depends o the situation both of them offers great outcome but also risky. It depends in a way that which is more accessible to you and it also depends o. Your capital budget or what is the best strategies for this. For me if I have a chance to make my own business brand I will go for it it will make me even more rich but if the chances are only limited to franchise it's okay with me many franchise also earn decent amount of money.
Posted by tophew on 09-12-2017
AlexHarris
I feel they both have their own downsides and advantages. Working under a franchise eliminates having to make your name known especially if you move into a place where the franchise is heavily requested. The problem comes with having to stay up to standard with the franchise as well as buying the franchise from someone else. Starting your own business has a charm to it in a way. Off the top of my head, I can't think of any clear cut advantages you gain by creating your own business besides building something yourself. Making your own business comes with a whole other set of problems like catering to an untouched market or trying to get into a thriving market while starting at the bottom which has another set of problems. They both have their flaws but I think using a franchise will have you a bit better off.
Posted by AlexHarris on 09-12-2017
jaysolano12
You can do both, or do one thing only. It has a lot of study before taking business on your own, or depend on your experienced to learn everything. I have my business which started 3 years ago, and it somehow fail everything. There are important decision in life to expect anything like this. When something is absence to important matter of decision in business.

Another thing regarding this matter is that, it will only affect to people who are capable of doing both of this thing. You can be a boss on your own while you can franchise at the same time to other place. Perhaps in a matter of time being in your own business does not necessarily not to take franchising.
Posted by jaysolano12 on 09-12-2017
vinaya
If you are franchise a business, you will pay money just for using the name. Of course, it is easy to market if you franchise a business. But starting your own business with your own name will cost less to start. The money you pay to the franchise owner can be actually used to market your business. Once your business grows, you can even franchise it to other business owners, which makes you more momey.
Posted by vinaya on 09-13-2017
Corzhens
You are right that a franchise is a big investment just for the name of the business. That franchise fee can be used for other means of putting up a business. It is also true with tv shows that are franchised because the tv network pays a big fee just to use the mechanics of the game. With business a franchise means a trusted name that is why many are still patronizing the franchise businesses.
Posted by Corzhens on 09-21-2018
babyright
Franchising is a good way to start, by going to partnership with other brands to learn and make some capital before starting your own is good. Not everybody can start their own business with their own personal business name as a result of lack of capital.
Posted by babyright on 09-18-2017
Marvadaum
Also over here, most franchises charge hefty fees to allow their names to be used so it's better for those that do have some start-up cash. Otherwise starting on your own might be best
Posted by Marvadaum on 10-12-2017
jyy
Looking at web hosting, for instance, a windfall of ad money thrown toward say, Green Geeks or Host Gator (affiliate program) would generate instant buys. However, though, trying to make your own reseller thing work would be much more difficult with the same money - or would it? I'm not really sure. I think I'd have to be in the situation to know.
Posted by jyy on 10-16-2017
vhinz
Starting a business sometimes depend on a person's skills and capital. Having your own business gives you the total control of the kind of products/service you want to offer, the pricing, and the amount of money you want to invest. Franchising from a well established business frees you from thinking of the products/service but sometimes requires bigger investment. Choosing which kind of business to start can only be decided by the person who wanted to because he/she could analyze whether starting a personal business name or franchising based on targeted market and geographical location.
Posted by vhinz on 10-19-2017
vinaya
Franchising requires a big investment. In my home country, if you want to open a restaurant you can do it for $10,000. However, if you want to franchise a popular brand you will have to spend at least $50,000. However, you will have to spend a lot of money to market your new business, you might end up spending more money on marketing than while establishing the business. marketing is simple for a franchaise business.
Posted by vinaya on 02-12-2018
jaymish
If you have the money and are inexperienced a franchise is the way to go. An example of franchises that are known to do well wherever in the world they are put are Burger King, KFC, Mcdonalds and anything to do with food. The advantage of a franchise is name recognition. This practically gets the customers running your way. Never underestimate the heard mentality, which most people live by. You can also tap into the franchise owners and experience. Some guarantee how much money you will make.
Posted by jaymish on 01-28-2018
chatbox
If I have sufficient capital, I'd go for one of the local fast food chain franchise because there is almost an assurance of success. The returns are also hefty and can easily cover franchise fees, royalty fees, and operating expenses. One need not worry about marketing and other gimmicks. The investor can rely on brand recognition. Training is also provided for staff as part of the franchise fee. All these come at a price though and not so many people have the resources. There are other franchise businesses being offered for significantly lower fees within reach by average investors but these businesses are frequently fly-by-night businesses capitalizing on fads. They can fold up anytime and leave their investor hanging. For most people, starting their own business under their chosen name is still the way to go.
Posted by chatbox on 03-11-2018
ion
Well if you have an idea, if you have enough capital to start your business, if you know what kind of business you going to start with, of course you will choose your own name for your business right? But if you want to earn immediately and don't have time to create your own business, go for franchise, There's nothing wrong with franchise, as long as you know that the company is stable enough and well known for that business, why not? Specially if the company has a good name and well known establish for many years, it's gonna be your honor to become part of that business.
Posted by ion on 03-22-2018
allyn2017
If yiu are new ti business world, then it is advisable to start with franchising first. But, if you know about the twist and turn of being an entrepreneur you can create your own brand.
Posted by allyn2017 on 11-06-2018