The Entrepreneurs Source Reviews: 5 Franchising Myths That May be Keeping You from Becoming a Legend

The Entrepreneurs Source Reviews: 5 Franchising Myths That May be Keeping You from Becoming a Legend

The Entrepreneur’s Source alternative career coaches have found that there are five common myths associated with opening a franchise that have kept many aspiring entrepreneurs from achieving success. It’s essential to keep an open mind when exploring your options—you may be surprised at the possibilities that present themselves.

Could a common franchising myth be keeping you from becoming a legend? Today, The Entrepreneur’s Source outlines the five most common franchising myths our alternative career coaches encounter to help you get over your fears and move from Employment to Empowerment in 2015.

The Entrepreneur’s Source reviews The 5 Myths of Franchising: 

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

“Growing up, it seems most people are taught to ‘do what they love’ or to find an occupation they are passionate about,” The Entrepreneur’s Source Terry Powell commented. “This way of thinking is all well and good, but what happens when that passion doesn’t bring you anywhere near your goals?”

Businesses established on the owners’ background experience and expertise actually have the highest rate of failure among new businesses. Take the Porta Potty story as a great example of overcoming a limiting belief. You may just be pleasantly surprised when a coach helps you to overcome misconceptions that may have been holding you back.

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

Believing that you will fall in love with a franchise at first sight and that it’s the right fit for you is a ploy. Many aspiring entrepreneurs tend form an emotional connection to a brand, invest months of hard work into the business only to find that it doesn’t meet their Income, Lifestyle, Wealth and Equity (I.L.W.E.™) Goals. This area is where an E-Source coach can help. In fact, 95 percent of the people who work with alternative career coaches at The Entrepreneur’s Source end up discovering a business opportunity they never would have previously considered or may have prematurely dismissed.

3. I can’t be in the _____ business! I don’t know anything about ______.
   The idea that you must have expertise in the area you invest in is one of the most common myths of today’s franchising industry. Oftentimes, when a person has too much experience in the industry that they invest in, they end up working in the business instead of on it.

Industry expertise is not a necessity. Instead, you can hire people who have this expertise and focus yourself on growing the business. When an aspiring entrepreneur restricts his or her Possibilities, Options and Dreams to things he or she is already good at, then they eliminate a universe of possibilities that may have been out there.

4. I can’t be creative in a franchise. Corporate HQ will dictate everything.
   Franchisors provide the framework for how the operation should be run, but it is the franchisee’s job to manage market and promote the business. You are in charge of your business; the franchisor is just there to assist and guide you. Remember: Franchisors don’t succeed unless you do.

The creativity comes in managing and marketing the proven franchise system along with its products and services. And there’s plenty of room for your ideas—several product and service innovations have come from franchisees.

5. I can’t afford a franchise.
   The most successful entrepreneurs view capitalizing in a franchise as an investment. You would be surprised by the amount of loans out there for small business owners and entrepreneurs. Like owning a home, there are many ways to finance a franchise. Do your research on what financing options are out there before you let money concerns squelch your future. Alternative coaches know the ropes and can help youfind the right franchise fit for you.

Do you think a myth may be holding you back from business ownership? Contact an alternative career coach today at The Entrepreneur’s Source to find out https://entrepreneurssource.com/contact.html.