Myth #1: You can just “Set It and Forget It”.
Not really. Even McDonald’s stores have been razed and the event failed to make your news feed. Franchise operation involves people who provide some kind of service to, or act for, other people. Keeping all of that on the up-and-up so that your franchise business continues to grow or constantly generates recurring customers does require consistent attention and management. For some business owners, that means being there all the time (by their choice), and for others it means leveraging a great system and/or a solid location and then developing reliable employee partners to manage results in your absence. Whether it’s a McDonald’s, a or a lawn care or painting franchise, someone must be accountable for outcomes, and that someone will be either you or an employee or executive you’ve empowered.
Myth #2: Every good franchise requires hundreds of thousands of dollars to start.
Not so fast! A few franchises in entertainment, hotels/motels, childcare and a smattering of others do require a wealthy person’s savings to cover all opening and start-up costs. However, of the nearly 4,000 different franchises on the market, those requiring so much money are few and far between. Today, if the fit is right, a driven person can use as little as $19,000 of their own to become fully invested into any number of strong, nationally-known franchise systems with proof of success throughout the USA. You don’t need tons of money to start, however you do need to think BIG, and be willing to work hard.
Myth #3: Success in franchising is all about finding your passion.
No. No, it’s not. Success in franchising is NOT about finding your passion. Success in franchising is about leveraging an existing franchise model with a measurement of proof of concept, and executing a business that looks great on a spreadsheet while also working in a role you can enjoy.Not finding your passion is not the same as not being passionate about what you do. For example, you may enjoy the thrill of making sales, the reward of developing others via your management skills, the joy in being valuable to kids or to the elderly, the love of helping others through health and fitness, or just enjoying the natural aspects of business and growth and creating your own environment, etc.
Working with a competent franchise consultant expands your understanding of franchise possibilities by exposing you to fitting options you can afford, strong earning potential, established training and support systems, ever-improving best practices and comradely from other franchisees who walk in your shoes already. As for timing, franchiser’s don’t hold territories and nobody is waiting for your mythical “right time”; for whatever it is you should do, the best time is NOW to get things started.
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Irving Chung is a Franchise Consultant with FranChoice, the premier national network of franchise consultants. Irving helps candidates explore franchise ownership to determine their criteria and helps them find the “best” franchise. Learn more about Irving at BigConsideration.com.