Misconceptions about franchise ownership and entrepreneurship
You’re contemplating the idea of becoming a business owner. Why wouldn’t you? The thought of being your own boss, becoming a leader to others, building true wealth, and so on is enticing. But you’re concerned you can’t think of a unique idea for a business, and that’s okay because instead of trying to reinvent the wheel why don’t you buy a franchise?
Here are some misconceptions about franchise ownership:
There’s no creativity or independence involved
According to Entrepreneur Magazine, one of the biggest myths about franchise ownership is that you aren’t truly your own boss and that the corporate office will dictate everything you do. Yet the only thing you’re really required to do is follow their framework. Beyond that, it’s up to you to manage the business the way you see fit and market your location and particular store. Did you know the idea of breakfast at McDonald’s was originally suggested by one of their franchise owners?
It’s too hard to succeed
According to the U.S. Small Business Administration and the Department of Commerce franchised businesses have a significantly lower failure rate than other startups. You have to consider that if you’re starting a brand new idea from scratch, there’s no proven history of that particular business succeeding. With a franchise not only are you investing in a proven system, but you also have an entire network of assistance including the franchisor as well as others who are succeeding in the company.
I’ll have to sell fast food
While the well-known fast food restaurants are the most visible franchise businesses available, there are thousands of franchises available, and they include food, retail, personal services, business services and children’s services. Consider this – as Baby Boomers continue to age the need for senior care services will grow considerably. There are also a lot of very busy consumers out there who would gladly pay for your assistance.
Navigating the world of franchise ownership can be confusing and fraught with misconceptions, so seeking professional advice could alleviate a lot of those fears. Buying a franchise requires an investment of money and time and researching it thoroughly beforehand is a necessity to ensure your success.