6 Common Franchising Business Myths and Facts

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If you are considering franchising business as a means of extra income or full-time job, then you must be aware of these following myths and facts to serve as your guide:quote-chalk-think-words

Franchising myth # 1: I won’t be able to do a franchising business I know nothing about.

Successful business owners are consistently looking for mentors about business concerns that they know nothing about, or if they are financially capable, they hire competent and knowledgeable people to do the job. Yes, it is true that you must know something about the business and that it must be within your area of interest but you don’t have to know it all. There are things that you will learn as you go along the business including what attracts the customers, how to deal with clients, and other things.

Franchising myth # 2: The right opportunity comes when you feel it’s the right time.

Fact: Choosing the right franchising business is not like love at first sight. Entering the business without studying it first is like falling into a trap. There are many things to consider aside from excitement and thrill the first time you saw it. You need to think about its potential, marketability, and your budget as well.

Franchising myth # 3: Find the franchising business that you love and you’ll surely be successful.

Fact: Franchising business is created because of the target market needs.  Success in franchising depends upon the response of the customers whether they love the product and buy it over and over again. And another thing: studies show that franchising based solely on the owner’s interests has the highest incidence of failure. So in order to succeed you must learn to incorporate your interests and hobbies to satisfy your customer’s needs.

Franchising myth # 4: Franchising limits creativity since it strictly adheres to the corporate rules. This is a pervasive myth that turns off potential investors to try franchising business.

Fact: While it is true that franchising corporations provide the basic system and framework, but you are in charge of all other important things beyond that. It includes: advertising, hiring or firing the staff, style in approaching customers among others.

Franchising myth # 5: Franchising Corporation will provide it all.

Fact: Franchising Corporation will provide you essential things to start up your business such as basic knowledge, operating system, support, formal training, and marketing system among others. But there are also things which you need to provide in order to keep the operation running such as motivation, perseverance, determination, managing and marketing skills.

 

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