Due to some of the baseless myths that prevail in the business world, there are so many business aspirants who find themselves skeptical towards choosing franchising model. We bust the top five myths about franchising just here!
The concept of franchising is not new for today’s generation of entrepreneurs as it has flourished itself quite well in the past few years. Franchising has received global recognition and is considered to be the most beneficial model of business.
Despite all the facts and figures working in favour of franchising, there are so many business aspirants who find themselves sceptical towards choosing the franchising model. It’s because of some of the baseless myths that prevail in the business world. Here, we bust five most common myths about franchising right away!
Myth No. 1: Franchise Business is too Expensive
Starting your own business from scratch takes so much of money and resources while it gives you very low probability of becoming a successful venture. Buying a franchise, on the other hand, is easier to start and gives you the access to the franchisor’s systems and also an access to their corporate resources, such as digital marketing professionals, business coaches, and on-staff consulting professionals; hence, busting the myth that franchising is a way too expensive to start as a business.
Myth No. 2: Franchisor Controls the Business
It’s not completely true to say that the franchisor controls the business. The franchisor will provide you with certain guidelines and valuable advice to help you gain traction for your newly established business. But, it’s ultimately you as the business owner who has the complete control over the scale of your business and how big or small you want to make it.
Franchisor and franchisee, both work together to achieve their different goals and both develop a business plan that aligns the goals of both parties.
Myth No. 3: There is no Creativity in Owning a Franchise
If you are a creative person and wish to own a franchise, it is definitely worth it. The franchisor provides you with a basic framework and then it’s entirely up to you how to run the rest of the business. Of course, there are some restrictions on your side when it comes to copyright infringement; apart from that, you get the full room to explore your creativity in fields like management, hiring, marketing and brand awareness. Remember that it is a franchisee’s duty to help his franchise reach the success, so it’s their duty to come up with clever ideas that could help in doing so. Therefore, contrary to popular belief, a franchisee needs to be creative to make the venture a success.
Myth No. 4: Success is Guaranteed
There is no short cut to success. Hard work, perseverance, dedication, and sincerity make all the difference between success and failure, in a business, whether one’s own or a franchise. Owning a franchise comes with an advantage of assistance, a proven model, solid reputation and much more, but it’s you who has to fully utilise the given advantages to make the best out of it. If you do not work hard and follow the guidelines from the franchisor, it could be difficult to achieve success.
Myth No. 5: You must be an Expert in the Field
You are not required to be an expert in the field that you want to enter as a franchisee. When franchisors are looking for the perfect franchisee, they look for the soft skills such as leadership, work ethics, passion towards work, communication, confidence etc. They do not look for someone who is a master of the field. If you are passionate towards the franchising business model, then everything will fall into place and you will be chosen to be a franchisee right away!