Before you invest in a franchise and commit to franchise ownership, you need to have the right information. After all, you don’t want to commit to franchise ownership with a false idea of what the job entails. So before you buy, take a look at some of the most common franchise ownership myths out there.
- It’s impossible to fail as a franchise owner. Buying into a franchise is simply not a golden ticket to instantaneous business success. It is crucial to keep in mind that anyone can fail in any type of business. While it is true that the franchise business model is probably the most successful business model to have ever been invented, that doesn’t mean that you are immune to failure.
- Following the franchise system guarantees instant success. Again, buying into a franchise is simply not a golden ticket to instantaneous business success. Just because you diligently follow all of the franchise’s systems does not absolutely guarantee success. Franchise ownership isn’t just about following the rules. It requires creativity, innovation, business know-how, and a vision.
- Franchisors provide it all. Franchisors will provide you with many things. In all likelihood, you can count on your franchisor for operating systems, formal training, support, purchasing power, branding, marketing systems, technology, and real estate assistance. However, this is not all encompassing. There are things that you need to bring to the table, including motivation, determination, business acumen, business ethics, management skills, operations skills, and HR skills.
- Franchise ownership is less risky than an independent business startup. Investing in any type of business is risky. And all those statistics floating around out there making outrageous claims like 95 percent of all franchises are successful? Well, they simply aren’t true. A franchise is not a guarantee to business success
- Owning a franchise is easy. The bottom line is that it isn’t easy being a franchise owner. It requires determination, dedication, and a lot of hard work. When you own a franchise, you aren’t just an employee. You’re the one who is responsible for running the business, and that can mean long hours and quite a few headaches, especially at the beginning when you are working hard to establish yourself.
Article by Jason Duncan, CEO/Founder of ManagerComplete.com. ManagerComplete is an online software application that helps multi-unit franchises manage operations effectively. Follow him on Twitter for latest updates.