As consultants with FranNet of DFW & Oklahoma, we hear a lot of things from potential clients that demonstrate just how far the franchise industry still has to go in dispelling some of our most common myths. Even some of our most well-informed entrepreneurial hopefuls are under the impression that franchising only means Subway sandwiches. While it’s true that Subway is a franchise opportunity – and a popular one at that – it’s not the only option available – not by a long shot. The truth is much different, as there are thousands of concepts that stretch across a wide range of industries and commerce.
In our latest blog post, we’re tackling six other myths we’d like to see dismissed for good…
Myth #1 – You Need Experience
Many people shy away from entrepreneurial opportunities that differ from their own areas of expertise. But to do so ignores a fundamental truth about franchise ownership. In most of the available franchise opportunities, prior experience isn’t necessary – at all. That’s thanks in large part to the comprehensive training and ongoing support provided by the franchisor. This myth has spawned an inside joke we still like to tell our clients in our initial sessions – did you hear about the accountant who wanted to become his own boss? He bought an H&R Block franchise! (Not actually true).
Myth #2 – Franchising Takes Money. Big Money.
While it is true that some franchise brands command initial franchise fees on the higher end of the scale, the majority of concepts today are quite reasonably priced. We’re not talking millions of dollars at all. Most franchise opportunities are equitably priced for entry into business ownership. Were they not, the industry wouldn’t be nearly as successful as it is.
Myth #3 – Franchises Don’t Offer Any Freedom
While franchises succeed thanks to their proven business models, they’re by no means close-minded organizations. The systems that define franchise operations must be followed closely in order to be successful, but most forward-thinking concepts welcome feedback and ideas from their franchisees. It’s one of the reasons that many set up marketing committees and advisory boards – comprised solely of successful franchisees in their own systems. They know that growing requires an open mind and a free-thinking environment.
Myth #4 – Franchise Ownership is an 80-Hour a Week Job
Franchise business models come in all shapes and sizes. And with any concept, you will have to put in the requisite time and effort. But contrary to some popular belief, you will see the light of day once and a while. In fact, semi-absentee ownership typically requires a commitment level of only 15-20 hours per week. That’s what we call part-time business ownership around these parts!
Myth #5 – Franchises are All “Get Rich Quick” Schemes
If you decide to truly investigate the business models associated with franchise ownership, you’ll see that they’re bound by the exact same pro forma as if you’d built your own business from scratch. Sure, you might get rich quick, but there’s no guarantee. Each franchisor carefully spells out what their benchmarks for success look like – so you’ll know what you’re getting into from day one.
Myth #6 – Success is a Sure Thing
Just like anything else in life, there are no sure things – except death and taxes – and even that’s kind of morbid to think about. No, franchising does not guarantee you success as a business owner, but it has proven to be one of the most advantageous ways to become your own boss. When you do become a franchisee, you’ll have to work hard to attain success – just like with anything else in life that’s worthwhile.
FranNet of DFW & Oklahoma hopes that this has been an educational blog topic. But we don’t get tired of pointing out these common myths. In fact, many of our clients are downright relieved to hear the opposite of what they once thought about getting into franchise ownership. If you now feel the same way, perhaps it’s time to meet up and discuss your thoughts and ideas on business ownership of your own.
Let’s Chat!
If you’d like to know more about franchise opportunities and ownership, please get in touch. FranNet of DFW & Oklahoma is uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow us to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.