If you’re thinking about buying a franchise, first of all, good for you! But before you go any further, know the facts. There are so many misconceptions about franchising out there keeping potential franchisees from finding success. Here we dispel five of the most common franchise myths. By becoming familiar with these, you’re one step closer to making your dream a reality.
Myth #1: Franchises are too expensive.
We start with this one for a reason. It’s the biggest reason people shy away from franchising. What they aren’t taking into consideration, though, is that there are many ways to finance a franchise. Beyond that, there are many franchise opportunities that can be started for as little as $12,000.
Myth #2: You’ll immediately know the right opportunity the moment you see it.
While you should ultimately have a very good feeling about the franchise you choose, don’t sell yourself short and skip the entire discovery process. Believing it will be love at first sight is a mistake and one that could cost you down the line. Don’t fall prey to making an emotional decision when you should be looking at this as a business decision that you’ll have to live with for years to come. Carefully weigh out the pros and cons of several franchises before you make your selection.
Myth #3: You have to be familiar with the industry you want to franchise in.
No, actually you don’t have to. That’s what skilled employees are for. Don’t limit yourself and miss out on all of the possibilities because something is out of your comfort zone. You’re job is to know the franchise system and grow the business. You’ll learn the industry as you go. Leave the industry details to the people you hire.
Myth #4: You can’t be creative in a franchise.
Believe it or not, corporate won’t dictate everything. You’re in charge of managing, marketing and promoting your business. Be creative. Come up with new ideas to bring to corporate. They’ll be more receptive to them than you think. After all, franchisors want you succeed because it’s in their best interests, too. Many franchises get their best ideas from franchisees — those in the trenches on a daily basis. Don’t by shy.
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Myth #5: It’s impossible to fail as a franchise owner.
The franchise business model is a highly popular one and with reason. It’s proven time and time again to be successful. But that doesn’t mean it’s perfect. Any business can fail at any time, for any reason and any number of variables can play into the equation. Before jumping into any opportunity, arm yourself with information. How many franchisees have failed? And why? Learn from the past mistakes of others before you.