Health & Fitness
Dispelling 5 Myths About Franchising
The term "franchising" sometimes conjures up images of something that is removed, un-organic and super corporate. But like the people who are a part of them, franchises come in all shapes and sizes.
Chicago is a hotbed for franchising. Think McDonalds, Oberweis, Ace Hardware, etc.
But the term “franchising” sometimes conjures up images of something that is removed, un-organic and super corporate. But it’s important to maintain the diversity of franchising.
Let’s dispel some common misconceptions about what a franchise and who signs up to purchase one.
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1. Franchises Need to Be Huge to Be Successful
The bigger the better isn’t always the case in franchising. Large businesses and brands sometimes do make for great franchise opportunities, but it’s inaccurate to say that’s the standard.
2. Franchisees Should Only Invest in the Things they Are Most Passionate About
While a business owner should be excited about her product, it’s also important to understand that franchising, like any other business venture, is a challenge. There will be roadblocks. Prospective franchisers need to find opportunities that couple something they enjoy with a business or service that can help them earn money.
3. Franchises Are Almost Always Fast Food Joints
Many franchises are well-known brand restaurants, but franchises, like their owners, come in all shapes and sizes. Some franchises offer business solutions to other companies, such as Murphy’s Business, a franchised business brokerage. Other franchise opportunities that do not fit the stereotypical “franchise” include home healthcare services and educational childcare facilities.
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4. Businesses That Franchise Don’t Care About Their Franchisees
On the contrary, many franchises offer educational and marketing opportunities to franchisees, as well as continued training sessions and support along the way.
5. When a Brand is Franchised, the Product or Service Diminishes in Quality
It is often assumed that when something is franchised out, it becomes distant from the original oomph and precision that made the business profitable and attractive to prospective franchisees in the first place. But when business owners learn to train their franchisees in the right manner and choose only the best to move the brand forward, things go well.
