9 Common Franchising Myths Debunked

Franchising is considered to be one of the best local business opportunities. Its popularity is increasing and so are the myths around it.

Myth 1: Franchising is for the Rich

There are various franchises with investments that range from a few thousand dollars to millions. So, you can become your own boss by buying a franchise business that is suits your budget.

Myth 2: You can Either Have a Job or Own a Franchise

You can find many franchise opportunities that can be run even with a permanent job.

It is also possible to own a franchise that runs in the background while you are working - the ATM business, for instance.

Myth 3 : Only Experts can take up Franchising

This is one of the common myths about franchising.

The franchise business works on proven systems and operations, for which training is provided by the franchisor. With most franchises, what you really need is the will and drive to succeed.

Myth 4: Owning a Franchise that you are Passionate about Brings Success

In real-life, there are a lot of other factors, and you need to research  before choosing your franchise business.

Always check if the franchise is right for the particular location.

Myth 5: You Can’t Have any Freedom in the Franchise Business

It is true that some standards need to be maintained per your franchisor stipulations, but complete flexibility is given with your selection of location, employees, marketing, etc. by most franchises.

Myth 6: There is no Room for Creativity in Franchising

When it comes to building your local franchise brand, and customizing the product range for your location, etc. you can mostly be your own boss.

Also, franchisors will be open to your feedback and suggestions.

Myth 7: Purchasing a Popular Franchise Brand Brings Success

This is one of the biggest Franchise myths. Even if you buy a tier-2 franchise business within your budget and improve it, you may still be able to outrun a popular brand.

Myth 8: Buying a Fast-growing Franchise Business is the Best Way Out

The success of a franchise business does not depend on if it is fast-growing or not, but on the stability of the business.

The best bet is to buy a franchise that can sustain for a longer time.

Myth 9: There is No Failure in Franchising

When you step into any business, be it franchising or independent business, there is a certain amount of risk in it. Franchise businesses have better chances of success, but it is not completely fail-proof.

For more insights into the myths surrounding franchising, and to know how we can help you in debunking it, Contact Us