During this edition of FranNet’s blog, we’re going to delve into debunking some common myths about the business of franchising. While most of these myths’ origins can’t be readily assessed, we’re here to assuage concerns about potentially harmful rumors on how franchising works.
You’ll Never See the Light of Day
Think if you buy a franchise that you’ll automatically be pulling 80-hour work weeks with little time off? Not so. While the start-up and phase one of your business plan will take careful attention to detail and close monitoring of your projections, many franchises operate under regular business hours with weekend time off. Choose carefully and try to find a fit which requires a similar amount of time and resources as your previous profession.
Being Popular Counts
While it would be nice to own a Subway or 7-Eleven franchise, not every potential franchisee is in the financial ballpark to do so. Franchising is about brand recognition, but there are countless examples of franchised businesses setting new business records without a catchy name or slogan. When investigating franchise concepts, find business models which appeal to your strengths, budget and interests – you and your business will thank you later.
I’ll be on Lock Down
Many people incorrectly assume that because franchise brands have a specific way of doing business to succeed that they stifle creativity. This is untrue. Franchises have processes designed to ensure that all owners have the same chance to succeed with assistance from the corporate brand. However, there is built in flexibility. Most, if not all, franchises welcome committee-based input from the ranks of their owners. If you have a good idea, you’ll be able to share it among your peers.
I’ll Have to Quit My Day Job!
Not so fast, corporate suit guy. Thousands of franchises are specifically designed to replicate the semi-absentee form of business ownership. In franchising, it’s commonly referred to as “managing the manager.” If you can manage employees at your day job, you can manage your offsite manager as well, while still owning the side business you’ve always dreamed about.
I Just Don’t Have That Kind of Money
Really? With a list of franchise concepts growing to near 4,000, more and more have become quite affordable options, with nearly 30% of those costing less than $100,000 as a total investment. Talk to a FranNet franchise consultant and let them know you prefer to see more affordable franchising options. Prepare to be pleasantly surprised.
As you can see, there are several well-tread myths about the business of franchising and it certainly doesn’t make them true. If you’d like to have us respond to a few of your franchise myths, we’d be happy to do so. It’s as simple as setting up an appointment based on your availability.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!