How many times have you thought of an opportunity and not taken action on it? Then years later you go, “Oh, that could have been mine.” I see a lot of people stop looking at franchise options before they ever get started. So, today I want to talk about a few myths of franchise ownership.
Myth #1 – Franchises Are Always Expensive
The first one that usually stops a lot of people is that buying a franchise is expensive. The reality is that yes, some franchises are expensive, but the vast majority are not. You have over 3,000 franchises in the USA and over a thousand in Canada. Some franchises are in the $50,000 to $100,000 range, while others are $100,000 to $250,000. Then from $250,000 to $500,000, and then you get some of the bigger ones that are way more expensive. But there are a lot of different franchise options at a lot of ranges. So not all franchises are expensive.
Myth #2 – Franchising Is Just Food and Retail
The second myth is that franchising is just food and retail. Why is that? Because of the visible face of franchising is Main Street, Canada and the USA. You drive by franchises every day and what you see is food, food, food, retail and more food. This visibility supports the expensive franchise myth because there are lots of locations that cost a lot.
There are over 80 different industries in franchising; you name it, it’s been franchised. There are business services and there are home services. There are a lot of different things that you’ve probably never thought of. So there are a lot of options.
Myth #3 – Franchising Means No Flexibility
The third myth is that there’s a lot of structure. People think that they have to follow all these rules and that they don’t have a lot of say. Yes, the more structured franchises are food and retail, because the compliance, safety and quality are there. But with a lot of franchises, you have a lot of operational flexibility.
The strength of franchising is in proven systems and processes. You’ve got the secret sauce you have to follow. You want to understand what that is and what are the different elements out there.
Myth #4 – Buying Yourself a Long-Hours, Low-Paying Job
The last myth I’ll talk about today is that franchising is buying yourself a long hours and low paying job. When people buy a business and it’s the wrong business, they end up in a business that they feel trapped in. They bought the wrong business. You’re going to be able to franchisees who have created tremendous wealth through franchise ownership, because they’ve executed the business model well.
My job is to help you find what your best options are. I look forward to working with you. Book a call now and we’ll talk.
Originally posted on LinkedIn
