5 Common Franchise Entrepreneurship Myths
North America's leading career and franchise business coaching company, The Entrepreneur's Source, explores the top misconceptions that deter prospective entrepreneurs from pursuing franchising.
April 15, 2014 // Franchising.com // Southbury, CT – While franchise companies are expected to grow faster and create more jobs than the rest of the economy*, many people still have a false impression of what franchising means as a career path to entrepreneurship.
Terry Powell, founder of The Entrepreneur's Source® (E-Source), North America's leading career and franchise business coaching company, notes that many of the people looking to start a business typically don't consider franchising as an option. He says, “When people think of franchising, they think of McDonald's, Taco Bell and Subway, but what they fail to realize is that there are a wide variety of franchise opportunities available that span several industries and investment levels. The key is to find a franchise that meets your desired Income, Lifestyle, Wealth, and Equity goals.”
When considering franchising as a route to self-sufficiency, Powell advises people to keep an open mind and consider opportunities beyond their comfort level. He goes on to explain the five common myths that keep prospective entrepreneurs from pursuing franchise entrepreneurship:
- Myth 1: I'll only be successful if I find the right business. Many of us define “right” as what we're already good at, but don't limit yourself. Define your transferable skills from the corporate world: delegation, management, marketing, etc. If you have skills in one type of business, you can easily use them in another.
- Myth 2: The secret to success is finding a career doing something I love. Believe it or not, businesses founded on the owner's background, experience or knowledge have the highest failure rate. If you limit your options to what you're familiar with or good at, you're placing yourself at a major disadvantage. In fact, 95 percent of our clients discover options that, on their own, they admittedly would have dismissed.
- Myth 3: I can't be in a business I know nothing about. Of course you can. It's natural to want to stay in your comfort zone, but as a franchise owner your main priority is running and growing your business. Sometimes having too much technical know-how can be a liability, since you may be tempted to become the technician in the business as opposed to working on the business. The franchisor will provide ongoing training and support for you and your team. Plus, you can hire people who have a successful track record in the field.
- Myth 4: There's no freedom in a franchise – corporate dictates everything. Franchisors “dictate” only one thing: the basic system that's already proven and successful. Beyond that, you're in charge. You're managing your business – you decide who to hire and fire, how to market your business and how to promote it regionally. Plus, it's completely up to you to think up new ideas and make suggestions to corporate. In fact, most franchise parent companies encourage suggestions, because it's where they get many of their best ideas.
- Myth 5: A franchise requires more money than I can afford. Look at a franchise for what it is: an investment in your future. Most people think of buying a business as if it were an expense, but in fact it is reallocating assets. Depending on the concept, you can invest as little as $12,000 or upwards of $1 million. Finding the perfect fit for your lifestyle and financial capabilities is key for getting the most out of your franchising experience. Before you let money concerns squelch your future, talk to a franchise or business coach. Like owning a home, there are many ways to finance a franchise.
For those who are interested in learning more about pursuing franchise entrepreneurship as a second career, The Entrepreneur's Source is hosting a complimentary, educational webinar on Thursday, April 17, 2014, at noon EDT. Attendees will learn how to take control of their personal and professional future through business ownership by identifying opportunities and defining their desired Income, Lifestyle, Wealth and Equity goals. Coaches will also be present to answer any questions. Registration is free at http://www.you-2-0.com/webinar/.
For more information about The Entrepreneur's Source visit www.entrepreneurssource.com.
About The Entrepreneur's Source®
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 200 coaches in the United States and Canada. Dominating the $1.5 billion Business Coaching/Consulting franchise market in North America, the company offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. For more information about The Entrepreneur's Source, please visit http://www.EntrepreneursSource.com/.
The Entrepreneur's Source is a trademark of TES Franchising, LLC. All rights reserved.
* According to the International Franchise Association's 2014 Franchise Business Economic Outlook report.
SOURCE The Entrepreneur's Source
Fishman Public Relations
O: (847) 945-1300