For the past month, FranNet has focused on several well-known, but worn-out, franchise myths. We understand that many entrepreneurs want to take that leap of faith into franchising, but some remain hesitant. Stereotypes exist in all facets of society and commerce, but we can address our own and help you conquer your franchising fear! Below are the Big 4 Myths of franchising:
You Need Previous Business Experience
Yes, the previous business experience can be helpful. But if you have the capability and discipline to follow an established operational model, you’re cut out for franchising. With the training and support provided by the franchisor, you’ll discover that all you really need to do is trust the process. In fact, a good deal of franchisees who do have previous experience often end up running a business completely different than before.
Franchises are Expensive
A few of the bigger brand franchises require a large investment. But, with dozens of franchise categories and concepts to choose from, you’re sure to find a business that fits your budget and investment range. Franchising is still less expensive than starting a business of your own from scratch. Lastly, rather than buying with cash, far more franchisees finance their purchase and FranNet is fully equipped to discuss a wide range of internal or external funding options to fit your financial situation.
You Need a College Degree
Many people are afraid to own a business of their own because they lack a college education. But not having a degree doesn’t mean you can’t be a successful franchise owner. In fact, all of the tools, guidance and resources you need to own and operate a franchise are built-in to the system. A college degree is an achievement and it’s certainly useful, but it isn’t the only predictor of business ownership success. Remember—one of the keys to franchise ownership is your ability to stick to the processes that follow a proven business model. It’s literally a roadmap that sets you up for success!
You Need to be an Expert
Many candidates fall for the myth that you need to be an expert to run a specific franchise operation. But the truth is that they’re simply clinging to their comfort zone. As a franchisee, your priority is to run and grow your business, regardless of the concept. Keep in mind that experience and skills are transferrable. Many franchises require key staff positions to have specific industry knowledge. It’s your job to manage them…as the business owner.
At FranNet, our consultants are skilled at helping you overcome your franchising fears. If any of the myths above have been holding you back, make a no-cost, no-obligation appointment with a consultant that lives and works in your area. Our Franchise Mythbusters can address your concerns and help you find the perfect match for your business ownership lifestyle and goals.
“Thriving through Covid” is FranNet’s new series of inspirational articles featuring positive news, business owner profiles, success stories, and educational updates—all of which demonstrate the resilience of the franchising industry. We want you to know that even during this uncertain time, franchising can offer you an alternative path forward—and a new opportunity to achieve success through business ownership.
Check back with FranNet twice weekly for new articles and let us know when you’d like to begin an entrepreneurial journey of your own!