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Busting the 7 Myths of Franchise Business Ownership

As franchising becomes increasingly popular for first-time entrepreneurs or those leaving the corporate world, many people struggle with weighing the pros and cons of a franchise business model. Unfortunately, while doing their research they stumble across some common misconceptions that might misguide them. If you’re evaluating whether buying into a franchise business model is for you, we’ve dispelled some of the myths you might come across in your research. 

Myth #1: Franchising is harder than starting a business from the ground up 

Owning a franchised business takes hard work and determination, but the franchise business model offers more support than starting your own business from scratch. A cleaning franchised business, like Coverall, can provide you with comprehensive training, brand recognition and a proven roadmap to follow. 

Myth #2: Franchising is too expensive

Not all franchises will cost you an arm and a leg. There are many low-cost franchises that offer low startup costs. If you have a budget in mind, there may be a franchise opportunity available for you, if you do some research.

Myth #3: Franchising only applies to fast food

Many hear the word franchise and think of big fast food chains like McDonalds® or Burger King®. But, the truth is there are many kinds of franchise opportunities available in a variety of industries. From commercial cleaning to automotive to retail, the options are endless.

Myth #4: There’s no freedom in franchising

Franchise owners who open brick and mortar locations sometimes express little flexibility or freedom in their franchise business model. However, many franchises, like Coverall, offer franchise business model that lets you work from home and manage your own schedule.

Myth #5: You’re not in control of your business

As a franchised business owner, you’re in control of your own business. Your franchisor will provide guidelines that adhere to their national brand, but overall, you manage your business finances, employees, customers and your future as a franchised business owner.

Myth #6: You need a business degree or industry experience

Having a business degree doesn’t automatically make you qualified to run your own franchised business. It’s your unique life experiences and skills you’ve acquired along the way that will make you a smart business owner. Many franchisors will train and guide you in order to learn about the business model, no experience is necessary.

Myth #7: Newly opened franchises fail in their first year

It’s common to hear statistics like “90% of new small business fail within the first few years.” Statistics like that can scare off any entrepreneur. The reality is, yes, small businesses fail, but many succeed. Recent data from 2016 to 2017 showed about 80% of businesses survive their first year in business, and about 70% survive their second year. Small businesses may fail because their model doesn’t work, they aren’t supported enough, or they don’t have adequate mentors or resources to grow. A franchised brand can assist new owners with those potential obstacles.

Starting a franchise business takes commitment, enthusiasm, and hard work. Don’t let misconceptions about business ownership stop you from pursuing your dream of owning a business. Learn more about the support Coverall provides for their commercial cleaning franchised business owners. 

Posted: 7/23/2019 12:00:00 PM by Stephen Massaro | with 0 comments