Instead of seeing anything with the conventional mindset or prejudiced mentality, the better approach is to be open-minded to know and explore something more creative, new, unconventional, and innovative. Those who have made significant changes in the world have a different vision than the common people. They were curious and open to exploring the newer and newer horizons. Conventional mindsets or comfort zone, or prejudiced mentality are the killers of progress. The world is so full of possibilities, and therefore one should always see unlimited possibilities with an abundance mindset and a broad vision.
When it comes to franchising, there are many prevailing myths in the minds of many people, including some business leaders as well. Being trapped by people’s myths or conventional opinions is the greatest threat to making progress in out-of-the-box ideas or concepts. The prejudiced mentality is the greatest obstacle in knowing something unconventional and exploring the unexplored. There are some basic misconceptions related to the franchise industry in the minds of people. It is essential to differentiate between myth and the fact about franchising business.
Myth 1: You need a lot of experience to be a franchisee
It is a most common myth in the people. You need not have a lot of experience to be a franchisee of a moderately or widely recognized franchise. All you need is a sincere desire and courage to be part of something that gives you an opportunity to start your own business without needing any big earlier experience. The original franchise can train, support, and guide franchisees to run the business successfully.
Myth 2: Connecting with the franchise is very expensive
There are multiple opportunities to connect with a good franchise. There are many franchises that are ready to extend to aspiring franchisees with minimal agreement fees. You can find a suitable franchise within your budget because there are franchisors in all price ranges. One can choose a franchise according to one’s budget.
Myth 3: You have to choose a Recognized Brand
The most successful and highly recognized brands have higher entrance costs, and they also have strict rules and regulations, making it tough to operate in different localities. You can choose a moderately recognized brand and start a franchising business. Eventually, you can make your own contribution to the chosen brand to make it a global and most recognized brand. There you will get an opportunity to make changes and drive growth.
Myth 4: Franchisor will take complete responsibility for your business
The reality is that you are your own boss, but you have to take efforts to make the chosen brand successful in your locality. A franchisor will give you access to its business, but you have to take responsibility for the business opportunity given to you. You have to implement creative ways in your locality to make that business successful. A franchisor is there to provide you training and support, but you have to make the efforts to run the business successfully.
Myth 5: Franchisee becomes the owner of the brand
Buying a franchise doesn’t mean you own the brand, but you get the opportunity to use the brand to run the business in your location based on the agreement for certain terms and conditions set by the franchisor.
Myth 6: Your success is guaranteed if you accept franchising from a successful brand
No matter how highly successful franchising you accept, you have to put in the necessary efforts to keep the legacy of that brand in your locality. You have to follow the rules and regulations set by the brand in your locality. You cannot afford to be complacent. You have to maintain the standards set by the successful brand to succeed in your location.
Myth 7: There will be no room for creativity
You cannot divert from the foundational principles set by franchisors, but you can be creative in your own way to run the business. You can be more creative to raise brand awareness even more. You can enhance the reputation of the brand by giving valuable service in your locality. There are plenty of opportunities to be creative.
Myth 8: Franchisors only take fees and don’t care about the success
Franchisors take fees, give authority to run their business in your location, and train and support you to make your brand successful in your locality. They help you as parents, but you have to be diligent enough to ensure brand’s sustainable success in your location.
Concluding Statement:
Franchising is an excellent business opportunity, but you have to be diligent enough to carry on the legacy of the successful brand. If you accept a franchisor that is moderately recognized, you will get the opportunity to make it a renowned brand by being more creative and contributing with more effort and time. If you’re planning to start a business, then franchising is definitely a suitable option for you. It can be a huge step towards becoming independent, financially stable, and availing authority in your own location.
