Don't Let These 5 Myths Keep You From Franchise Ownership

Whenever I speak pinch a caller candidate, I often find myself answering a fewer repetition questions. Primarily, these questions are centered astir a story aliases misconception that has fixed them region successful considering franchise ownership.

Asking an abundance of questions is a captious portion of the owed diligence process, truthful I invited these questions. But sometimes, group let these myths to extremity their entrepreneurial dreams successful their tracks. Below is simply a database of 5 communal myths I perceive astir franchising and what I've learned aft 8 years successful the business:

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1. "I'm buying myself a job"

"Self-employment" tin person a antagonistic connotation astir it, whether it's extracurricular sources casting uncertainty connected the viability of a peculiar opportunity aliases your ain soul resistance. But successful my experience, location is simply a manner betterment that comes from business ownership.

And let's beryllium clear, self-employment is not the way of slightest guidance — you'll person to put successful a awesome woody of effort to make your dreams a reality. However, erstwhile the work of occurrence lies squarely connected your shoulders, location is simply a consciousness of pridefulness and intent that comes pinch the territory.

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2. "Isn't franchising each accelerated food?"

Simply put, NO. There are so plentifulness of fantabulous edifice franchises, nevertheless these successful nary measurement correspond an exhaustive database of franchising opportunities. Especially successful caller years, franchises person expanded into galore different industries. In fact, whenever location is simply a user request that is not being met, franchises often go the solution.

Salon services? There's a franchise for that. Boutique fitness? Child and elder care? Mental wellness services? Home attraction services? There are franchises for that. If you tin ideate a customer need, past location is apt a franchise retired location to reply the call.

Related: Explore the afloat 2025 Franchise 500 list, complete pinch class rankings.

3. "Franchising isn't scalable"

This is simply a story that initially kept maine from considering franchising. I didn't person immoderate reservations astir the brands aliases concepts, but I had ever considered a franchise proprietor to beryllium personification who ran their mini shop aliases business, but didn't scale beyond. However, erstwhile a friend grew his multi-unit cognition and sold retired successful a multimillion-dollar deal, I had to locomotion backmost my assumptions. Between territory description and multi-unit franchise maturation opportunities, franchising tin beryllium highly scalable.

Related: Greg Flynn Owns 1,245 Restaurants and Makes $2 Billion A Year. Here's How He Did It.

4. "Franchising is low-brow"

In the world of business ownership, franchising is sometimes considered to beryllium much "low-brow" than different businesses. Why? Maybe it's the truth that the thought is not yours. Maybe the connotation of "buying a job" comes pinch a perceived deficiency of effort. Maybe it's that galore franchise brands don't correspond a definite desired societal status.

Sure the conception whitethorn not beryllium your brainchild, but that besides intends it has a impervious of concept. You'll person to put successful arsenic overmuch clip and effort arsenic you would successful a firm role, if not more. And look, I won't beryllium present and show you that location repair services for illustration plumbing and gutter cleaning are sexy. But what I will show you is that franchises often execute immoderate of the astir reliable and ongoing basal services and the captious quality of the services they supply keeps business going successful economically volatile times making these businesses recession-resistant.

Related: After Decades of Hard Work, This Couple Is Living the Entrepreneurial Dream. Here's How They Achieved Generational Wealth

5. "Franchises are a root of passive income"

Whenever I speak pinch a caller candidate who is willing successful franchise ownership, 1 of the astir important conversations we person is regarding the early domiciled they will person wrong their franchise. There are models for various proprietor roles, including self-employment, owner-operator, executive and semi-absentee. However, much semi-absentee models typically require you to person much startup superior to preclude you from day-to-day operations.

For example, I owned a fitness franchise that typically required 2-5 hours per week of my time, but the first 90 days of getting it launched required maine to activity astir full-time successful summation to my firm job. It is important to validate the owner's domiciled pinch existent franchise owners successful immoderate system. Therefore, while it tin beryllium highly profitable and successful, your finance successful a franchise is improbable to beryllium passive — astatine slightest not astatine first. Eventually, franchise owners whitethorn move into a much semi-passive domiciled erstwhile they person scaled capable to prosecute managers to tally the regular operations.

I've heard each of these myths many, galore times since becoming a franchise consultant. The candidates who person gone connected to beryllium successful franchise owners were capable to reposition their narration pinch franchising and spot the immense opportunities disposable alternatively than thin into partially informed myths astir the industry. While franchising isn't for everyone, you must make business decisions pinch clear accusation alternatively than myths aliases misconceptions.

Related: Here's really we wished the yearly Franchise 500 ranking — and what we learned from the data.