Debunking Some Common Myths About Franchising

Do you remember growing up during much simpler times? Think about it. Before the advent of smartphones, myths were a lot easier to believe in, were they not? Bigfoot sightings. UFO sightings. The Loch Ness Monster. Ever wonder why we no longer see any empirical evidence to support these mythological sightings? Despite an age where every living human being carries a video recorder at the tip of their fingers? They’re called myths for a reason. Because they never existed in the first place.

Speaking of myths, there are plenty of them in the world of franchising. During this edition of FranNet’s blog, we’re going to tackle and debunk a few of the most prevalent ones. Let’s get started with a few myths we hear pretty regularly: 

“Franchising? That’s fast food joints, right?”

While QSRs (Quick Service Restaurants) do make up a prominent sector of available franchises, they are by no means the majority. In fact, the reality is quite the opposite. Research would suggest that only 20 percent of all franchises in the U.S. fall under the QSR banner. With over 3,000 different franchise concepts to choose from, the reality is that entrepreneurs are given a wide variety of choices in the type of business they can own as a franchisee. 

“Franchising? That’s for rich people.”

While it’s true that we do get franchise candidates who already have their financing options covered, a vast majority of the entrepreneurs we help in the U.S. and Canada will require some form of a funding source to get them off the ground and into a franchise of their own. It doesn’t hurt that with franchising, you are in control of the level of investment necessary to become your own boss. There are hundreds, if not thousands, of franchise opportunities well within range of the middle-class income.

“Franchising? You have to be an expert in the field.”

Many people enter a franchise consultation with a preconceived notion of the type of business they would be good at running. For instance, a CPA walks in the door and automatically assumes FranNet will match him up with a tax preparation franchise concept. Well, the truth is that we like to get to know you a little better first. We know what you’re good at, but do you have any passions? Might this CPA also be a complete fitness buff? Wiling away the hours of his job wishing he was out running or biking? Maybe he or she would be a good fit for a health and wellness franchise, no? That’s the beauty of the FranNet consultation process. We reverse engineer the process—saving time by figuring out who YOU are first and then find businesses that fit YOU on a personal level. And don’t even get us started on what “managing the manager” means…

“Franchising? The economy has to be booming for that to work.”

While most leading economic indicators show that the economy is, in fact, booming, you can become your own boss in any business climate. In fact, there are multiple franchise categories and concepts that are virtually “recession-proof”. FranNet can explain this sentiment during a consultation if you like, while walking you through concepts that hold up well even when consumer’s purse strings are drawn tighter.

The myths you’ve just read are but a few excuses that get circulated when a discussion about franchising comes up. Every business sector has its detractors. But reality always wins out. Each and every day, more and more candidates are turning to franchising to make their entrepreneurial dreams come true. And you can do the same. If you’d like to discuss some of the franchising myths you’ve heard, we’re all ears. Just make a no-cost, no-obligation appointment with one of our qualified representatives and we can get started making your business ownership dreams come true.

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!

May 15, 2018