When someone starts looking into franchising, there are severals myths or misconceptions they’ll run across. Whether the all-knowing internet said it or it’s something the entrepreneur thinks, I’m here to help dispell at least 3 Frachising myths. Let’s set the facts straight, franchising does have its ups and down (as with any business) but evaluating whether to become a franchisee or not based on misconceptions is crazy! Here are the top 3 franchising myths I think need to be cleared up:
1. There’s no freedom as a franchisee
- Only true to an extent. When you buy into a franchise business, you’re buying into a system that has proven itself. Depending on the franchisor, their system could include everything from mailer, banners, chair colors, etc to just the franchise system ‘framework’. In most cases, you’ll have plenty of freedom with your franchise. You get to decide who to hire, how to market regionally, and how to promote your products or services. And many franchisors encourage their franchisees to suggest new things. New items and ideas aren’t always corporate! Just remember: They own the system, You own the business.
2. Franchising is too expensive!
- Not true! There’s are tons of affordable options out there. You don’t have to jump head first into owning a retail or food franchise that costs upwards of $150,000. Those franchise concepts are great but so are the option on the lower end of the spectrum. Take for example, Ciggies. Ciggies is a low-cost franchise opportunity that starts at $9,999 and goes up, depending on location and size. Or even Prime National Credit Repair, who’s total investment is $19,995. Additional costs will be different for every franchisee. You’ll decide how many employees to hire, their salary/hourly rate, and local marketing.
3. I’ll have to quit my job
- If you’re looking to become a franchisee and continue to work your full-time job, there are franchise opportunities out there for you. You may think it’s impossible to run a business and continue working for another company but many franchisors have their systems set-up to allow this. Of course, you’ll have to check with your HR department and make sure you’re allowed to run a business on the side!
So there you have it, 3 franchising myths that are really just misconceptions. You can own a franchise for less than $25,000, there’s a lot more freedom than you think, and in some cases, you don’t have to quit your job. There are opportunities out there for almost every lifestyle and time commitment, it just takes a little research!
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