Make one mention that you’re interested in starting a franchise and chances are, you’ll be hit with a tsunami of advice. Many times, this advice is laced with myths about franchise ownership.
Here are five common franchise myths and the real truths about franchising that you need to know as you decide what franchise to buy.
#1. Finding the right franchise is the secret sauce to success.
Not quite. Although you need to find a franchise that’s a good fit for you, the type of business you enter into is not a slam dunk for your success.
So much of your success relies on what you already know. Do you have experience in marketing? Transferring that knowledge to your franchise will help you get up and running faster. Do you have experience in HR? You’ll have a better opportunity to hire the right people, which will help make your business a success.
#2. I’ll fail if I start a franchise in an industry where I’m inexperienced.
The beauty of franchise ownership is the wealth of resources available to you when you open your business. You don’t need to have expert status knowledge of the industry to build a successful business. What you need is a passion for the people you serve and a strong work ethic to learn what you need to in order to build your franchise.
#3. My hands are tied in a franchise; I can’t use my creativity to build my business.
Although each franchise has its limitations and corporate standards, you’d be amazed at how much flexibility parent companies give franchise owners. These businesses want you to grow. You’re spoon fed the tools and proven tactics to help you get a strong head start. The way you represent your brand locally and professionally is up to you.
Most corporate offices have an open door policy. They want to hear your ideas. They want your feedback. It’s the best of both worlds.
#4. It’s all or nothing when I start a franchise.
Starting a franchise is a big investment, no doubt. There are many financial considerations to make before you start a franchise, which can feel daunting. You’re probably not ready to give up your job or the steady source of income to open your new franchise doors. Still, you want to fulfil your dreams of franchise ownership.
It’s a common franchise myth that you have to go in all or nothing. That’s not the case. Many franchises can be started while you continue to work another job so you can ease into the world of ownership.
#5. I have to buy a franchise that’s well-known or else I’ll fail.
It’s true. Having a household name associated with your new business gives you a strong start, but it won’t make you a sure-fire success. A brand name shouldn’t drive your decision about which franchise to start. If you see a need in your area for the type of business you’re interested in starting, a franchise will give you the proven business model to get it off the ground quickly.
Nixing the Myths
There are plenty of myths out there about franchise ownership. Ignoring these can help you get laser focused while you choose the best franchise for you.