The Entrepreneur’s Source Reviews the Top 5 Myths of Franchising
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.