In every industry, there are myths that arise – and franchise ownership is no exception. Unfortunately, some potential franchise owners let these misconceptions hold them back from making a smart investment in a brand.
If you’re considering buying a franchise, take a look at some of the most common myths you may believe to be true – and the real facts behind them.
You Have To Self-Fund
If you think that your only option is to approach a franchisor with your own cash, ready to self-fund your franchise, think again.
Today, there are a number of franchise financing options available for potential franchise owners who don’t have the liquid assets to pay upfront. While it is important to have financial stability, finding smart funding options opens doors for new franchise owners.
If you’re seeking other funding options, there are a variety of choices to consider, including:
- SBA loans
- Retirement rollover loans
- Start-up loans
- Small business loans for women
- Partnerships with other financiers
The Franchisor Pulls The Strings
It’s a common misconception that when you buy a franchise, the franchisor you choose holds all the power. They determine what you sell, how you sell it and how you operate your business.
However, the most supportive franchisors empower their location owners to take the reins and be their own bosses. When you choose the right franchise model for your business goals, your franchisor has a framework in place to help you run your business smoothly and successfully.
Good franchisors are there to enable your profitability, not hold you back through micromanagement.
You Must Have The Right Background
Many entrepreneurs leave their corporate positions to pursue opening their own business. But, don’t think you must have a certain type of business background to become a successful franchise owner. From salespeople to marketing experts to refugees from the retail industry, there are a variety of backgrounds well-suited to the franchise world. And, what you don’t know about owning a franchise a supportive franchisor should teach you. Don’t be deterred from investment because you think that your background might not be right. Different perspectives on business make entrepreneurs successful in unique ways.
Franchise ownership is also right for entrepreneurs of all ages. Some retirees invest in franchise opportunities to supplement their retirement funds and have a business to focus on in their later years. Even millennials are showing interest in franchise investment. They’re seeking the freedom that franchise ownership provides, as well as job security – which is often scarce. Franchises are a promising business path for motivated entrepreneurs of any age and background.
When you know the truth about franchise ownership, you’ll be able to determine if it’s the right choice for your future as a business owner. Don’t let the misconceptions behind buying a franchise hold you back. Find the right franchise for your future, and dive in.
Find out more about franchise ownership opportunity with Relax the Back and the benefits it could hold for you. Take a free virtual tour now.