If you’re grappling with the decision of whether to invest in a franchise opportunity, you have many pros and cons to consider. To help you wade through the flood of information out there about franchise ownership, here are five common myths to be aware of:
1. Buying a Franchise Is a Huge Expense
Sure, as with any business opportunity, there’s a certain amount of money you will need to invest. However, it may not be as much as you may think, and the advantages you’ll find as a franchisee may outweigh the costs. The investment requirement really depends on the type of franchise you’re considering. The advantage you’ll have as a franchisee is that the franchisor provides training and support to get you going, and you’re getting a head-start with an already established brand.
2. My Business Will Be Under Corporate Control
While it’s true that you are expected to follow the guidelines of the franchisor, with this you’ll also receive good advice that will help you succeed as a franchisee. You do have certain freedoms and controls over several aspects of your business. Again, you’ll have the benefit of an established business plan, which will help guide you toward your goals. You have leeway for individuality and how you manage your franchise, while following a proven business model. It’s important to keep in mind that the franchisor is on your team and wants your business to be successful.
3. As a Franchisee, I Have No Creative Freedoms
While you will follow a basic framework provided by the parent company, you have creative freedoms in how you manage your business, who you hire, and how you market locally. You’re free to create marketing strategies to enhance brand awareness, such as local events or promotions. At the same time, you have the support of an established brand and business model, and existing data on which to base your individual business decisions.
4. Franchisee Success Is Guaranteed
While we would like this to be the case, it’s simply not. There are no guarantees when beginning a new business of any kind. It takes time and effort on your part, although franchisees do have the foundational support of an established company, which helps increase your chances of success. By following established guidelines provided by the franchisor, you’re more likely to reap rewards, but it still takes time and work to build your individual business.
5. It’s Important to Have Experience in the Field
Not necessarily. Skills such as leadership, management, work ethic, and communication are more important than being an expert in the products or services your franchise provides. The parent company should provide ample support and resources to help you get off the ground and maintain your momentum. You’ll help continue this progress by working hard as a business manager, and putting your heart into what you’re trying to achieve.
If you’re interested in beginning your own franchise, you may want to consider Ori’Zaba’s Mexican restaurant, a brand with longevity and award-winning recipes from whole foods. To learn more about Ori’Zaba’s franchise opportunities, reach out today!