A business franchise offers you the chance to make a living and be your own boss - all with the comfort and support that comes from buying into an already-existing brand. It’s an opportunity to get what you want out of life and finally live your dream.
Piece of cake, right? But what some people dream is a piece of cake is pretty complicated in reality. Actually, it’s more like an onion than a cake, containing several layers that need to be carefully peeled. And, like any business, it can have the power to make you cry at just the wrong time.
In order to be keep that onion from burning your eyes, you need to know all the facts. So before you embark on this journey, take a look at these five myths about franchises, and the facts that counter them.
Myth: Operating a business franchise is a quick way to riches.
Fact: Legitimate franchises are not get-rich-quick schemes. Millionaires didn’t make it big over night, after all. They had to work hard on creating and perfecting their products and services, marketing them and growing the business day-by-day, sometimes not enjoying any success for several years.
If you thought buying a franchise business would bring you overnight success then you’ve been sadly misled. However, they can significantly speed up the process of reaching your goals. When it could take a decade on your own to reach a certain level of success, it might take you 2-3 years with a franchise business – just because so many things have already been figured out, and because you receive help with suppliers, marketing, business processes, and many other things. While franchises can be extremely successful, they also require hard work, dedication, and persistence.
Myth: If you buy a franchise, you’ll never see your family again.
Fact: While this is a bit of an exaggeration, as with any business a new franchisee can often expect to endure long hours “manning the storefront” away from their family. In fact many franchisors will impose stiff penalties for failing to adhere to opening hours guidelines. This is true in some cases, but not all.
More and more franchise opportunities are becoming available that not only operate during regular business hours but provide the franchisee the freedom and flexibility of setting their own working hours. Even better, without the cost of an expensive storefront, many business format franchises can be bought for a total investment of $100 thousand or less. If you are interested in a franchise opportunity with WSI, click here to read more. The types of franchises that let you not only work, but also live your life are usually service-based and business-to-business. So if that’s your thing, go for it.
Myth: When you own a business franchise, you control all aspects of it.
Fact: Sure, operating a franchise gives you a lot of freedom, but it also requires you to maintain certain brand standards and guidelines in order to be successful in the business. The very nature of a franchise is that you are investing in a proven system. While a business format franchise may allow for a little more “you factor” it is still the company’s operating system you will need to follow.
In fact, this works in your favor – the more franchisees around the world are operating with a unified, high-quality standard of how things are done – the better reputation the corporate brand will enjoy worldwide, and the easier it will be for you to sell your services. People will instantly recognize the brand and trust it, because they’ve heard of the high-quality products and services the brand provides.
Myth: Operating a hot, up-and-coming franchise will guarantee your success.
Fact: Popularity is fleeting. One day you’re the cat’s meow, and the next you’re irrelevant. Well, the same goes in business. Buying into the next big thing doesn’t necessarily equal success. Since something “hot” can go cold in the blink of an eye, don’t pay much attention to fads when deciding on a franchise industry. Instead, find a business that matches your skillset and desired lifestyle and ideally one with a track record. For example, WSI has been operating and enjoying exceptional success in the digital sphere for 20 years! We’ve been in the digital business since its infancy!
Myth: Buying a turnkey franchise means you won’t have to lift a finger.
Fact: Success comes only from hard work. Just like with any other business, a franchise needs to be nurtured, invested in, and worked in order to succeed. Going into a franchise opportunity assuming it will be your chance to kick back and rake in the big bucks with very little effort is...well, wrong. Think about real estate - even turnkey houses need to be maintained.
If you’re considering buying a business franchise, remember that, no matter what industry you’re interested in, success won’t come easy. But with a little hard work and a lot of determination, you’ll be glad you chose to invest.
To learn more about franchise opportunities with WSI please make a request for more information.
