People love creating myths, so we rarely find things that do not have any myths attached. The business world is no exception. There are several myths about franchising as well, and it is highly likely that you also believe in a few of the franchising myths. So, let’s break the top franchising myths:
Following The Franchise’s System for Guaranteed Success
Yes! It is necessary to follow the Franchise’s System, especially if it is a part of the Franchise Contract. However, does it guarantee success? No! It does not ensure the success of the franchise business. Follow these top 3 franchising philosophies that can guarantees success.
The systems that are being followed in the region of the Franchisor may not be appreciated/accepted in the region that you are going to establish the business. Therefore, understanding the demographics and the requirements of your area is essential before agreeing to follow the Franchise’s System.
The Franchising Company Has the Secret Formula for Success
There is no secret formula when it comes to business. “The customer is always right” so you would have to understand the customer requirements and create your formula for success if necessary. Creating your secret formula to success would especially be essential if you are trying to enter a new market rather than penetrating the existing market, which already has a recipe for success.
No Personal Input Is Required For Success
It is believed that the Franchisee would not be held responsible for the failure of the Franchise business. This is a huge misconception! For any franchise business to be successful, it is vital for the Franchisee to participate actively and give valuable input that would be helpful in the overall success of the company.
There Is No Risk of Failure Involved
In the business world, nothing comes with guaranteed success and zero chances of failure. After you have bought the franchise and have successfully established the new franchise UK business, according to the standards for the Franchisor, you cannot sit back and relax! You would have to get your hands dirty and make sure that your franchise business is on the right track.
Related Post: 3 Common Franchising Fears (And How to Overcome Them)
Apart from this, it is not essential for every franchise to be a success; selecting your franchise business smartly according to the demographics of the market is also necessary for success.
Franchising Will Work for Entrepreneurs
Entrepreneurs are usually full of ideas and passion; they are innovative and are ready to take risks. Franchising, on the other hand, offers a limited charge to the Franchisee. Usually, the Franchisee has limited input in the business, and he/she cannot make changes without the approval of the Franchisor.
Therefore, franchises UK business can be very suffocating for entrepreneurs, which can lead to lack of interest and failure of the franchise business.
You Cannot Have a Job While Running a Franchise Business
This highly depends on the Franchise contract. If it is allowed by the Franchisor, then the Franchisee can opt for a job while they run their franchise business; however, they would have to meet the standards of the Franchise (as agreed in the Franchise Contract) because usually no exception is given to any Franchisee in such circumstances.
A Franchise Is Always a Restaurant
This is one of the biggest myths that we all somehow believe in. This might be based on the fact that most of the Franchises around the world are restaurants and it is the most popular choice of franchising. Less commonly known by people, but medical and service related franchises are also common.
Investing In a Fast-Growing Franchise Is the Best Option
You might think that investing in a fast-growing franchise will reflect as a fast-profiting franchise business opportunity for you. However, there are high chances that by the time you will complete your franchise purchasing procedure and establish the franchise business, the pace of the franchise business would have slowed down. Therefore, it is a smarter idea to invest in a company that has long-term growth, especially if you are a first-time investor.
Franchising Does Not Require Hard Work
This is a complete misconception that the Franchisor will make all the possible efforts and provide you will everything that will lead you to success. There is no doubt that franchising including home based franchises and part-time franchises come with on-going support; however, your hard work and dedication are vital for making your franchise business a long-term success.