Going into business for yourself can be an incredibly rewarding endeavor with a lot of challenges, whether you launch independently or partner with a franchise.
And while both have their risks, people often shy away from franchising because they’ve heard a few pitfalls that, in reality, are simply misconceptions that hold little merit.
Here are 5 common myths of franchising, debunked!
1. You Must Be an Expert in Your Franchisor’s Field
It’s common to feel intimidated entering a field you don’t have prior experience in, but don’t let that hold you back from broadening your professional horizons as a Franchise Partners!
Franchises provide the training, guidance, and support you need to succeed. Most franchises only require an interest and openness to learn. Passion for the field is also a huge plus!
2. Too much corporate control/no creativity
While franchising does require following certain guidelines put in place by the parent company, the business is still yours. Outside of the rules set to ensure consistency in all locations, it’s up to you to create an atmosphere of success through the launch and beyond by building a united team and, where appropriate, engaging with your community.
Franchise Partners still have plenty of room to get creative with how they run their business!
3. Franchises are Time Consuming
While entrepreneurship does require a heavy time commitment, with the right franchise you can balance your professional and personal life without sacrificing either.
Most franchises offer extensive training to help acclimate both new employees and owners alike, and Franchise Partners often work alongside their staff so that operations can run smoothly, leaving everyone with more free time for their family, their friends, and themselves.
4. The franchise can function without me
It takes a team to make any business successful, and franchises are no different. You’re the team lead, responsible for building a group of like-minded individuals that can come together with unique goals and strengths that complement one another.
As the owner and leader, you’ll be an integral part of your franchise’s ongoing success. Franchises thrive the most when owners are present and active.
5. Franchisors Don’t Care about My Success, They’re Only in it for the Fees
Of course Franchisors care about your success!
Franchisors are in the business of helping their Franchise Partners succeed. At minimum, your struggle could reflect poorly on them as a franchisor and scare away potential new partners.
On a more optimistic note, though, the goal is for the relationship to be mutually beneficial, because that’s how everyone wins! This is especially true of franchises with a lot of community impact, as the benefits of your partnership’s success can be felt beyond the immediate business.
Conclusion
Franchising is a fantastic opportunity to learn a new field and succeed at going into business for yourself. And while franchising isn’t risk free, it certainly isn’t the minefield myth-tellers make it out to be.
If you’re ready to dive into an impactful field driven by passion for knowledge and making a difference in the lives of children, check out the franchise opportunity with Core Education & Fine Arts (CEFA) Early Learning School.