Being one’s own boss is not an easy path, but it can be an extremely rewarding one. A recent Allstate/USA Today Small Business Barometer study indicates that:
- Almost half of the 2,600 entrepreneurs who participated feel being their own boss gives them the most enjoyment.
- A third of the participants pointed to their flexible working hours.
- One-quarter of respondents said they enjoy creating something that belonged to them.
Only 20% of the entrepreneurs cited money as one of their top two motivators.
Opening a Sign Business
If you’re one of those people who has dreamed of starting a business, but don’t know where to start, you’re not alone. Whether you want to create work you love or run a business that fits in with your life goals, you can start today to realize your vision of being your own boss.
Why not open a sign shop? Owning one can be a lot of fun. You get to meet new people, including other small business owners, and there’s plenty of opportunity to showcase your creativity.
Before you decide to get into the sign business, ask yourself these questions:
- What do you think are the positives — and negatives — of owning a sign shop?
- Are you looking to build a stable small business to retire in?
- Do you crave creative freedom and think the hands-on nature of a sign business will satisfy your appetite?
If you decide opening a sign business is the right move for you, it’s time to decide if you will open either a small independent shop or a sign franchise. There are a lot of reasons for choosing one or the other, but the major factor is cost. Read on for some insight on the cost of opening a sign franchise versus a small sign business.
Sign Franchise vs. Small Sign Business
In 2014, the sign franchise industry brought in around $50 billion in revenue. People are attracted to franchises because they combine the benefits of business ownership with known branding, and that is particularly true in the sign business. They also appreciate the experience and support that established franchisors bring to the table.
There are a number of advantages to purchasing a franchise. We believe one of the most important is the savings you realize on costs.
As a franchisee, your total up-front investment costs are often much less than with a small business. Franchising also mitigates many of your start-up expenses, like equipment and inventory. Some other cost savings that people often overlook include the following:
- Shared across-the-board expenses that apply to each franchise — such as advertising — may be pooled. This also results in greater exposure for your small sign business through national campaigns, etc.
- Franchisers often provide training programs that teach franchisees about the sign industry, even if they have no previous experience.
- Product lines, services and other ownership decisions have already been tested by the proven franchiser, offering you as a franchisee a more stable business model than self-ownership.
There’s no easy answer as to whether you should open a sign franchise or a small sign business. Only you can decide if the extra benefits you receive by owning a franchise are worth the costs you’ll pay.
As you weigh your decision, be sure to factor in the operational savings you’ll realize with a franchise. Ultimately, your decision may boil down to what you are willing to invest in time and money.
If you prefer the stability and cost benefits of being part of a larger organization, opening a sign franchise may make more sense. Contact us today to learn more.