Myths About Franchising
Franchising comes with multiple considerations, patience and a lot of courage. It is a good kind of risk that people are willing to take. Despite the popularity of owning a franchise over the years, it is not that well-known to some people especially when it comes to investing on one. So here are the myths that you need to know about franchising:
You need an experience running your own business to run a franchise
Franchise run the same process as a normal business just with training wheels and the framework relies on the existing business. You don’t need to have an experience of running a business to run a franchise. Anybody can be a franchisee even if you are a corporate company or any kind of job. Franchising is open to anybody who want have an extra income and further their skills in handling a business.
It will cost you
This is true, but there are a lot of franchising companies you can choose from. Now that they are a big hit in the market for everyone who want to run a small business. Some can even cost millions. Mostly in the market, it will cost less than a million and right on the budget for a start-up business. However, you will need to spend for the maintenance, employee/s, rents, and other fees for your franchise.
Franchisors accepts anyone
If you think franchisors just accepts anyone who applies for their franchising program for the money, then that my friend is false. Franchisors are really picky when it comes to this. They will do a background check before they approve your application to franchise. They will check if you can last the investment period given by the franchisor and if you will be able to maintain your franchise.
You are not your own boss
You are your own boss in your franchise. The franchisor is somehow out of the frame when you start your franchise. You will run the whole thing. The franchisor is just there to guide you throughout your process to open up the franchise. You will be the one to build your business in the market. You are the one investing in the brand, but still have the freedom to hire and fire in your small business. Bring out your most creative way in boosting up your franchise.
Watch the money come in without an effort
It is common how people think it is that easy for their franchise to boost by itself with the employee/s. This is a big no. Well, maybe in the beginning of your term, but alright in the long run. It is still better to keep an eye on your franchise .You need to monitor carefully the sales calling in for updates, visiting the franchise from time to time, check if you need to do some changes on your franchise, in selling, or other ways to catch people’s attention.