Every industry has its myths, including franchising. So, as you consider buying a franchise, a question you may have is how do you know what franchise myth to believe and which ones you should ignore? Our team at Hundred Acre Consulting can help.
Below, we debunk the top five franchise myths.
You Have to Be a Workaholic to Find Success
Although the beginning stages of franchise ownership may require you to work long hours, it’s a franchise myth that it’s the only path to success. After the initial heavy lifting — i.e., construction, hiring and training employees, building relationships with vendors, and turning a profit — many franchisees create their own schedules, enabling them to spend more time with family and enjoying hobbies.
It is also a common franchise myth because entrepreneurs think being a workaholic and a perfectionist go hand-in-hand. And if you’re not willing to sacrifice everything for wealth and success, you must not want it bad enough. Not true!
Franchising is Too Expensive
Owning a franchise is not for the faint of heart. It requires a lot of patience, dedication, and especially capital to get your business off the ground. While some well-known franchises charge an arm and a leg to buy into their system, not every franchise opportunity operates this way.
Franchising offers investment options for every budget. It simply depends on which industry or business you decide to invest in. For example, to invest in Chick-Fil-A is $10,000, and some childcare franchises can run $30,000, proving this franchise myth wrong.
Tip: Check out the Franchise Disclosure Document (FDD) before investing. It will inform you of any other fees you need to prepare for.
You Must Be an Expert in Your Industry
Don’t get us wrong, knowing the industry you work in is undoubtedly a bonus, but it is a franchise myth that having a background in the industry qualifies you for owning your dream franchise. When it comes to running a franchise, you’ll be surprised to learn that your soft skills matter more than your hard skills, such as industry-specific knowledge.
Franchisors are looking for traits and skills such as leadership, excellent communication skills, passion, a team mindset, and work ethic. They can teach everything else. As a franchisee, you receive training and extensive ongoing support, all the tools that put you on the path to success. No previous business experience is required.
No Room for Creativity in Franchise Ownership
This is a common franchise myth, when in fact, there are plenty of opportunities for entrepreneurs to flex their creative wings as business owners. Outside of the framework your franchisor provides, you are free to run your business however you wish. You can take on more of a marketing role and come up with events and engaging content to raise brand awareness — as long as you abide by franchise guidelines.
Additionally, franchisors welcome the innovative ideas that their franchisees have. Creativity and innovation are elemental in a business’ longevity and growth. Without new perspectives and ideas, companies would shut their doors at an alarming rate. So, share your thoughts; you never know what may happen.
Franchises Are Limited to Fast Food and Retail
Many people, potential franchisees included, believe this franchise myth because, for a time, fast food and retail dominated the franchise market. But not anymore. There are countless franchise opportunities available in nearly every industry, from automotive and cleaning to vending machines and healthcare. The trick is to pick what you are passionate about and put your heart into making it a business all can enjoy.
Hundred Acre Franchise Consulting
As you grow your business, you will encounter many franchise myths. However, not all of them are grounded in truth. Another thing that can help with debunking franchise myths is to hire a franchise consultant like me. At Hundred Acre Consulting, we not only help you find the perfect franchise, but we can answer your questions and guide you throughout your franchise career.
Are you ready to get started? If so, contact our team today, and let’s chat!
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