Owning a franchise means you don’t have the ability to add your own ideas to your business, right?
Not necessarily so.
This, and other franchise ownership myths, are a part of common misconceptions that sometimes arise when entrepreneurs think about getting into the franchise game.
But it’s important to remember: the franchise industry in one of the fastest-growing industries in America today, which helped lead the country out of the recession and back on the path towards growth.
Here are five common franchise ownership myths to rethink:
1. I can’t be in a business I know nothing about. If you applied this philosophy to everything in life you haven’t yet experienced, there’s a lot of incredible things you’d have never done. While the franchise business may not be familiar to you, your job would be running and growing the business — and using all the skills you gained from your past endeavors to make it successful. Surround yourself with good people, mentors, and the company’s guidance, and you’re in a great position to succeed.
2. I won’t have the freedom to make the business my own. Truth be known, this couldn’t be further from the truth. The only thing a franchisee must follow is the basic system — a framework of success that has made the franchise successful in the first place. Besides this, everything from how you want to manage your business, who you want to hire, and how you want to market it is all up to you.
3. There’s no place for creativity in franchising. While signage, uniforms, workplace protocol, and other franchise staples will be handled by the franchisor, you have control over everything else — meaning your ideas can not only help shape your franchise location, but also corporate’s, as well. Some of the best franchise ideas have been created by franchisees reaching out to their franchisors.
4. I can’t afford to become a franchise entrepreneur. It’s important to think about becoming a franchise entrepreneur as an investment, one which will help grow your net worth and freedom in the long-term. Best of all, most franchises can be established with a one-time fee of under $100,000, with some charging even less. You can also gain financing through co-investors, real estate equity, crowdsourcing online, and loans, among other options.
5. I’ll instantly know the right franchise for me when I see it. Emotional decisions based on instinct and feeling can work out great, but it’s important to really take the time to learn about a franchise business before you become a franchise owner. Look at its financial statements, company values, vision for the future, and any reports in the media that may raise red flags.
To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.
You may also register by calling 866-246-2884.