Don’t Let These Franchise Myths Sabotage Your Future

When I talk with people about franchising, I often find that they have misconceptions about what it takes to buy a franchise. Many of them are interested in the idea and even think it would help them achieve their dreams of financial independence , but they sabotage themselves by believing franchise myths. I hate to see this happen because franchising is an industry that truly does have something for just about everyone. So if you’ve fallen prey to any of the myths below, here’s how you can break down fake barriers and pursue your franchise dream.

Myth #1: You Must Have Industry Knowledge

Many aspiring franchisees think they have to avoid certain industries because they don’t know much about the field. For instance, they may think they need to be a certified personal trainer to own a fitness center, or have a beauty school degree to own salon suites. In reality, nothing could be farther from the truth.

This is where franchising proves its value. Franchise owners don’t have to be subject matter experts because the franchisor fills that role. Their expertise and industry experience is what you’re paying for. They distill all that into the franchise business system for you, and you just need to be willing to follow the instructions. Humility and curiosity don’t hurt, either. People who are willing to learn can always pick up on what they need to know to succeed.

Myth #2: You Can’t be Successful Without Corporate Experience

I was a corporate executive for more than 20 years , and I often work with candidates who are current or former corporate executives. I’ve even mentioned on this blog, many times, that I think corporate experience is ideal preparation for franchise ownership .

But you don’t have to have it. A corporate background will make the transition to franchising easier, but as long as you have some kind of leadership experience, you’ll be in good shape. I know successful franchisees who have served in the military or worked in the nonprofit world , education, or even the ministry. They all have three things in common: they’ve mentored people , they have a head for strategy, and they manage money well. Those are the true essentials for launching your franchise dream.

Myth #3: You Need Millionaire Money

It’s true that some franchise opportunities are only available to millionaires. For instance, franchisors usually require area developers to open multiple locations within a short timeframe, and the total cost of that process can exceed $1 million. Some of the biggest franchise brands , such as nationwide fast-food chains, can also require close to $1 million in total startup money (franchise fee + costs to set up and open your location) for just a single unit.

But did you know that the typical franchise fee for a single unit is only in the $30,000-50,000 range ? And many home-based or service franchises have very low launch costs . Even in my business, where I deal primarily with aspiring executive franchisees who are planning to open multiple units, I often match candidates with franchisors who require liquid assets of $75,000-150,000. Those are numbers that are well within reach for most mid-career, middle-class professionals, especially when you keep in mind that some of the money can be borrowed .

Myth #4: You Have to Start Big

I realize that my own blog might play into this misperception, since I focus primarily on multi-unit executive franchising . But that’s only my primary focus because it happens to be my background. The franchise industry offers numerous opportunities for people who want to own single-unit businesses , and I even sometimes work with such candidates.

Single-unit franchise ownership is ideal for people with limited business experience and financial resources , younger franchise owners and others with a longer financial horizon , or people who aren’t yet ready to give up full-time work. As a single-unit owner-operator you can really learn the ropes of the franchise system, get to know your team, and gain confidence as a business owner. Then, as your business and your wealth grow, you can expand to more locations if you want to. Or you can sell your single-unit franchise and buy into a multi-unit contract with a different brand.

Truth #1: Something for Almost Everyone

All these franchise myths are common misconceptions, but as you can see, you don’t have to let them hold you back. It doesn’t matter if you’re an industry expert or a newbie, a seasoned corporate executive or a former soldier, a millionaire or just an aspiring one. Franchising likely has something for you.

That’s the truth I want you to take away from this blog post: whatever your experience or resources, whatever arrangement works best for you and your family, if you’re a motivated individual who wants to find professional and financial freedom , Lauri and I can help you find your franchise fit. Book a 20-minute call with one of us today to take that first step toward busting the myths and achieving your dreams!

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This content originally appeared on https://empoweredfranchisee.com/ .