Myth vs. Fact: 3 Franchise Myths Dispelled
Franchising is a popular business model right now because it works and consistently produces results.
In fact, accounting franchise businesses continue to outperform the overall U.S. economy in terms of new jobs and overall growth—a winning combination.
One of the immediate perks of franchising for potential investors is that it provides independence and autonomy without sacrificing a proven business model, training assistance, and all of the marketing benefits that come from working with an established brand.
In essence, franchisees receive a ready-made customer base that would otherwise take many years to build and vital assistance in terms of site selection, access to economies of scale, and financing assistance.
Group purchasing clout and improved lead generation are two other outstanding benefits of franchising.
Franchising Myths and Realities
The power of a known, respected brand gives you a higher chance at a promising career as a franchisee compared to a sole proprietorship. This makes sense when you consider the training, financing, and marketing support available through your franchisor.
Myth: There’s Only One Right Franchise
With all of the help mentioned above, you would think that investors would be diving right in. However, the reality is that many investors hold back because they believe the myth that there’s one perfect franchise waiting for them.
The truth is that you need neither a background in franchising nor prior professional experience in the accounting franchise field (for example, bookkeeping franchise opportunities) to make it work.
Most franchisors are first and foremost seeking enthusiasm, financial stability (adequate liquidity and solid net worth), and a willingness to take advice throughout the franchising journey.
Myth: You’ll Immediately Know When You’ve Found the Perfect Opportunity
This one is an especially seductive myth for many investors. They think that they’ll instantly recognize the deal of the century.
The truth is that you might have to look into an industry and a particular franchising opportunity within that industry before determining whether the opportunity is right for you—and whether to take the plunge.
Running a successful franchise is about learning on the job, taking cues from your peers and your franchisor, and drawing on the support of nationwide advertising campaigns.
Your instinct might be to hone in on franchising opportunities that match your career trajectory, but you should realize that your future isn’t limited by your past. Remaining receptive and coachable can benefit you throughout your franchising journey.
Myth: Your Franchisor’s Business Model Is Extremely Restrictive
In most cases, this is a complete myth. Why? Because franchisors have, through years of trial and error, done a lot of the legwork for you and determined what works and what doesn’t.
Franchisors put the former (the stuff that works) into their proven business strategy and tweak or scrap the latter (the stuff that doesn’t) so that you can start serving local customers sooner and more effectively.
The reality is that the franchising model gives you plenty of space for your individuality and personal flare to shine through.
You decide who gets hired and fired, you decide how to manage your franchise location (or whether to hire a franchise manager), and you decide how to market your business to local customers. Franchisors want you to find your stride early—since when they win, you win.
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