Franchising is becoming an increasingly popular choice for business in Australia. With this rising popularity, however, comes a vast array of false claims that hinder many entrepreneurs from taking charge of their own investments. When taken at face value, these misconceptions could prevent a potential franchisee from taking advantage of a perfect business opportunity.
Don’t be too quick to heed franchise myths. Below are five of the most common lies you will hear about franchising as well as their corresponding truths:
‘You can’t invest in a business you know absolutely nothing about’.
This is untrue. Although it is natural for some people to remain within their comfort zones and stick to their areas of expertise, a franchise business provides a potential franchisee many opportunities for success. In fact, at Signarama, we encourage our franchisees to make the most of the training and support that we offer. Our programmes include an initial five-week training, a start-up support process before the business opens as well as ongoing support to help franchisees stay competitive in the industry.
‘There is no freedom in a franchise business because the corporate management dictates everything’.
Lack of freedom is one of the most common reasons many entrepreneurs reject the idea of a franchise. If there’s one thing that a franchise business ‘dictates’, it is maintaining the basic framework of the business. The rest is up to you. You decide who to hire, what tools to use when managing daily transactions and how to market your business to your audience.
‘Creativity doesn’t exist in a franchise’.
False. Similar to the previous false claim, the franchisor can only help you upto a certain extent. Yes, there are protocols you’ll have to follow, such as pricing, branding and uniforms. However, this doesn’t mean you cannot incorporate your ideas into your own business. Franchisors wouldn’t want to stifle your creativity because, sometimes, the best ideas can come from you.The famous Egg McMuffin, for instance, is the brainchild of a McDonald’s franchisee.
‘Don’t know what franchise to choose? Wait. It will be love at first sight’.
Many aspiring business owners believe that leaving their fate to the stars is enough. They should know, however, that every successful business begins with extensive research. It is important to take the time to learn about a franchise business and look into its potentials of success.
‘It’s impossible to fail with a franchise business’.
Just like every business model, a franchise is also subject to risks. This is why the franchisor is here to guide every new franchisee during the tough process of starting a business. It’s also up to you to implement the franchisor’s directive correctly while making sure it succeeds. Identify areas in your business where you can make improvements. Learn what you can from past failures and experienced individuals to help your business grow stronger.
Signarama is one of the most successful franchise businesses in the world. In 2015, Signarama was ranked the #1 Sign Franchise and #74 in all franchises in Entrepreneur magazine’s Franchise 500. To learn more about how you can invest in a Signarama franchise, visit our website today.