The Five Common Franchise Myths

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Do you ever wonder, what are the facts and myths of franchising? Franchising is no doubt more fulfilling than any other career path. This is a fact because it is backed by hundreds of testimonials from the industry. So what are the other myths that are creating fear about the industry, let us dive deeper and find out.

1.Franchising is an expensive business

Did you always relate franchising to being an investment for the rich? Then you are wrong, as franchising is not necessarily expensive. There are various sizes of investments when it comes to different brands and what they offer. Franchising can be more affordable than purchasing a home or in some cases even as low as the cost of a new car.

In other words, it can cost as low as $40,000 and as high as $1,000,000. Since this is a wide range, it is important to do the necessary research to find a suitable franchise that fits your budget. You will notice that most of the franchise opportunities are economical to purchase for people with business experience.

2.Ownership control is with corporate

The brand that you buy comes with its own set of rules for marketing and process. But this does not mean there is no scope left for the owners to express creativity. As business owners, it is healthy that they contribute their share of creativity in marketing, promotions and events in a healthy manner that suits the overall branding and goals of the company.

3.Big fish is better than small

While is it easy to think hugely popular brands are the most profitable, that is not entirely true. This could also be the reason for the myth about franchises being expensive or lacking creativity.

However, why stop only with brands that are hugely popular? There are so many smaller franchises that are in the early stages of development that can match your needs. Moreover, the fact that they have just begun, also ensures you get one-on-one attention and will be part of their close franchise circle ensuring that you succeed in order for them to succeed.

4.Prior experience is mandatory for franchising

Like any other career, prior experience is useful, however it is not mandatory when it comes to franchising. It is NOT necessary to have prior experience in the business you are investing in.

When it comes to franchisors, they are looking for franchisees with business experience and ability to manage people. All other training related to the industry will be provided to them during their onboarding process.

5.Guaranteed Success

Owning a franchise does not guarantee you any success, unless you work for it. This common assumption stems from the fact that big corporations have a formula for success and thus there is no room for failure. Though following the process and methods of a successful franchise system does to some extent avoid common pitfalls, it does not guarantee profits unless other areas of running a business are well managed.

Although you have plenty of support from your franchisor, it is YOU who can make franchising work. Money alone cannot drive you towards this, there must also be a drive to make a difference, have more freedom, and leave a legacy – which will aid in longterm success

Source: Franchiseba

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