5 Myths About Starting a Franchise Business Debunked

There’s no denying that you’ve got several routes into the world of commerce, and one of those is starting a franchised business. Many of today’s top everyday brands that you see on your travels are franchised organizations, so that’s proof alone they are a winning idea.

The thing is, some entrepreneurs feel like starting a local or regional company under the umbrella of a franchised brand is a bad idea. If you’re here today because you’ve had similar thoughts, take a look at these franchise business myths debunked:

Myth #1: Franchises Are Only in a Few Industries

When you start a business, you want to do so because you have brilliant ideas for products and services in a specific niche that you think will be very successful. With that in mind, you might assume that franchises aren’t available in your niche industry.

The truth is, you’ll find franchise opportunities available in virtually all industries and sectors. For example, you could launch a franchised top senior referral business to provide elder care services under an established franchise brand.

Myth #2: Franchises Will Make You Go Bankrupt

Another myth some entrepreneurs have about franchises is they assume you need to pay high upfront fees followed by hefty regular payments. Again, the truth is different from the misconception!

Most franchises offer a low-cost route to starting the business, and the franchisers don’t “tax” franchisees with eye-watering regular licensing fees. There are plenty of franchise opportunities out there, so you’ll find out that offers the best deal for you.

Myth #3: You Have No Freedom

Decent franchise opportunities only lay down the basic framework for the deal. Typically, you’d need to brand your business in the same way as the franchisor and use their corporate colors for all marketing and literature.

Apart from that, franchisees typically have lots of room to add their individual touches and make the brand memorable in the area they wish to cover. Plus, you have complete control over who you hire and fire and the day-to-day managerial decisions you need to make.

Myth #4: You Can’t Set Up a Part-Time Franchise

Why not? Did you know that many people set up businesses that they operate part-time and work in a regular 9-5 job the rest of the time? There’s no reason why you can’t set up a part-time franchise.

When you do more research into franchise opportunities, you’ll notice that the business model gets explicitly designed for people to start it on a part-time basis before committing to a full-time schedule as the brand grows in their areas.

Myth #5: Franchises Restrict Profit Potential

Lastly, it’s worth keeping in mind that franchise opportunities only lay out the ground rules for setting up a business using the franchisor’s branding. There are no restrictions on how much profit you can make in the business.
If you think about it, franchisors want you to make lots of profit because it helps them better promote their franchise ideas to other prospect franchisees like yourself!