There are a lot of common myths and misconceptions when it comes to franchises. I wanted to cover the 5 top common myths I receive on a daily basis when working with families exploring franchises.
Myth #1
Franchises are all about fast food and restaurants.
This is simply not true. There are close to 4,000 franchises in the US in 70+ industries.
Myth #2
You need millions of dollars to open up a franchise.
Brick and mortar franchises tend to have higher investments due to the build out of the locations but there are plenty of service based franchises that can be run from home with an all in investment of under $100K.
Check out our most recent show on funding:
Myth #3
You need to quit your job to open a franchise.
There are semi-absentee franchise models that allow you to work “part-time” in the business.
There are also semi-passive investor models where the franchisor will run the daily operation for you, decreasing your overall time in the business.
Myth #4
As a franchise owner, you do not own the business.
You own 100% of the business while executing the franchise model and systems.
Myth #5
In regards to time, it takes years to open a franchise.
There are service based businesses that can be run from home and up and running in 30 to 90 days after training. Brick and mortar franchise tend to take longer as it takes time to find the right location plus buildout.
I would highly recommend checking out a few previous shows:
Am I a good fit for a franchise: https://ggthefranchiseguide.com/podcast/am-i-a-good-fit-for-a-franchise/
&
The Top 3 reasons franchisees fail: https://ggthefranchiseguide.com/podcast/the-top-3-reasons-franchisees-fail/
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