E-Source Says

The Entrepreneur’s Source Franchise Dispels the Top 5 Franchising Myths

The Entrepreneur’s Source Franchise Dispels the Top 5 Franchising Myths

The International Franchise Association estimates that franchise businesses accounted for about 3.5 percent of the U.S. GDP (or $472 billion) last year. Franchise businesses are expected to grow faster and create more jobs than the rest of the economy again in 2014 – enticing more and more entrepreneurial-minded individuals to take their past experiences and skills and put them toward operating a franchise business.

However, common misconceptions about the franchising business have kept some aspiring entrepreneurs from finding success. Could a myth be keeping you from becoming a legend?

The Top 5 Myths of Franchising: 

1. The secret to success is finding a career doing something you love.

Brace yourself: Businesses founded on the owners’ background, experience or knowledge have the highest incidence of failure. Take the Porta Potty story for example: You may just be pleasantly surprised when the limiting beliefs held near and dear to your heart are dispelled.

2. I’ll know the right opportunity when I see it.

Believing you’ll fall in love at first sight is a trap. People make an emotional connection with a career, and invest months of hard work, only to find that it doesn’t meet their income, lifestyle, wealth and equity (ILWE) needs. A business coach can help you through the Discovery Process and to avoid that pitfall.

3. I can’t be in the _____ business! I don’t know anything about ______.
You don’t have to. You hire people who do. You’re in the business of growing a business. That’s where the action and the fun are. If you restrict your options to things you’re already good at, you shut down a universe of possibilities.

4. I can’t be creative in a franchise. Corporate HQ will dictate everything.
Franchisors provide the framework, but you manage, market and promote the business. You’re in charge. Remember: Franchisors don’t win unless you win. It’s truly a win-win situation.

The creativity comes in managing and marketing a proven process. And there’s plenty of room for your ideas. You’d be astonished to know how many product and service innovations have come from franchisees, not the parent company.

5. I can’t afford a franchise.
That depends on how you approach it. The Entrepreneur’s Source’s most successful clients see it as an investment. Before you let money concerns squelch your future, talk to a business coach. Like owning a home, there are many ways to finance a franchise. Business coaches know the ropes and can help you find the perfect franchise opportunity for you.

 

The Entrepreneur’s Source Franchise Dispels the Top 5 Franchising Myths

The Entrepreneur’s Source Franchise Dispels the Top 5 Franchising Myths

Share this article

We're here to help you find the You 2.0.

  • By providing your email and phone number you are consenting to receive emails, calls and recurring SMS/MMS messages, including autodialed and automated calls and texts, to that number from The Entrepreneur’s Source. Messaging and data rates may apply. You can STOP messaging by sending STOP and get more help by sending HELP. See Privacy Policy for details.
  • This field is hidden when viewing the form
  • This field is for validation purposes and should be left unchanged.