Don’t Believe These Misconceptions about Opening a Franchise
If you are thinking about opening your own business, you may have considered a franchise. Owning a franchise can give you the opportunity to work with a successful company and an established brand. In some ways, it can be easier than starting your own business from scratch, but that doesn’t mean it will be a walk in the park. Many people have misconceptions about opening a franchise. Here are some facts.
Misconception #1: Opening a Franchise Costs Too Much
People often think that opening a franchise is too expensive. While the startup costs can be significant, funding is available. You can take out a loan through a bank or the Small Business Administration. A family member or friend may be willing to give you a loan. You may earn so much in sales that you can pay back the loan in a relatively short period of time. You may also be able to draw on your own savings or work with a partner.
Opening a franchise often costs much less than it would cost to start your own business. You will not need to pay to develop a new product and bring it to market. You can also save on other costs. The parent company will provide assistance with training and advertising.
Misconception #2: The Franchisor Is Only Interested in Making Money
Some people are reluctant to consider a franchise because they believe the franchisor is only interested in making money from franchisees. This is not true. The goal of the franchisor is to have a group of successful franchises, so they are invested in your success. If your franchise does well, it will help draw in new customers and will reflect well on the company as a whole.
Misconception #3: Experience Is Necessary to Succeed
Many people think that they need experience in an industry in order to have a successful franchise. That is not necessarily true. Franchisors provide training for franchisees so they can learn about the products they sell, production, customer service, and other aspects of running a business. Many franchisees had no prior experience in their field but went on to become successful.
Misconception #4: Running a Franchise Will Be Easy
On the other extreme, some people think opening a franchise will guarantee them success. The main reason why people choose to open a franchise is to work with an established brand. People often think that means their franchise will automatically do well. It is true that working with a successful parent company can help you, but you will still need to do a lot of work yourself. The franchise became successful for a reason, and you will need to follow an established business model if you want to enjoy the same level of success.
Explore Franchise Opportunities with Between Rounds
Between Rounds is a thriving chain of bagel and sandwich shops with locations all over Connecticut. We have a proven business model that our franchisees follow that has enabled us to grow and expand. We can work with you so you can start your own successful franchise. Contact Between Rounds today to learn more about opening your own franchise.