When you're in the process of considering whether or not to become a franchisee, you'll find yourself asking dozens of questions.
Will I be making money as a franchisee? How familiar do I need to be with the product that I'm selling? And what exactly will my duties entail?
And though your questions will all be good ones, it can be hard to sort through the information you may be hearing to find the right answers. With so many different opinions and so many sink-or-swim stories, you may just find yourself knee deep in a pool of popular franchising myths.
To help you sort through what simply is and isn't true, we've compiled a list of the three most common franchising myths out there:
- You won't have a say because you're not the franchisor: This myth is perhaps the most popular franchising myth in circulation. Because the franchisee isn't the individual who started the business concept, many believe that there isn't room for creativity and individuality as a franchisee. This, however, couldn't be further from the truth. Though franchisees do follow the basic framework set into place by the brand and the franchisor, most everything else is decided upon by you from the staff to the regional marketing.
- You need to know the product inside and out: While it can be comforting to choose a franchise based on your familiarity with the product, it's certainly not a prerequisite. In fact, there may even be some benefit to starting off with a product or a service you aren't familiar with; it may inspire you to become excited about something new and to go above and beyond to make it your own.
- The franchise will absorb every minute of your day: Though you certainly shouldn't be going into the franchise business if you aren't prepared to make a serious commitment to ensuring its success, you shouldn't be concerned that the decision will envelop your life. In fact, many franchisees will open a franchise location while still maintaining their current position. Be prepared to invest in the business, but don't panic that your work will overtake your life.