It’s often said that franchising allows you to go into business for yourself without ever being marooned by yourself. That’s as true today as it was thirty years ago.
Franchises provide franchisees with the autonomy and support to run their own business. Fortunately for those looking to become master of their own destiny, franchises get the ball rolling and provide instant brand recognition, as well as a customer base that would otherwise take much longer to establish.
Four Franchising Myths to Surmount
In short, franchise businesses increase both your personal autonomy and chances for professional distinction by putting you in closer alignment with a brand and set of services with a proven track record. That said, if you want to take advantage of this growth opportunity, then you need to know some of the prevailing myths and steer clear.
• Franchises Aren’t Totally Supportive
This one’s a myth because franchise businesses offer all kinds of support to increase your personal satisfaction and professional fulfillment.
Franchises provide support prior to opening in the form of training, promotion and financing, and ongoing support later on that gives you greater economies of scale, managerial support, and access to larger national advertising markets.
• Franchising Strangles Creativity
That’s not entirely true since you will continue to bring your own ideas to the store and decide who stays, who goes, and who gets promoted. You’re the boss who calls most of the shots when it comes to regional marketing and promotional decisions.
A franchise is intended to extend rather than stifle your creativity since it’s only when the franchisee does well that the franchisor reaps the benefits.
• Franchises Are Just Plain Unaffordable
Our third myth touches on a very common misconception about franchise businesses—namely, that they’re simply out of financial reach for most people looking to bring more autonomy into their lives.
The bare bones reason that this one’s a myth is that you can get the ball rolling for well under six figures in most instances, and very often you can do so for just over five figures. Your franchise fee is a one-off expense, and royalties are surprisingly reasonable.
• Franchising Requires a Complete Lifestyle Overhaul
Usually not. Donning another professional hat and becoming a franchisee is unfortunately something that most people haven’t considered for themselves as a way of generating passive income and active independence.
Many franchises operate during traditional business hours and offer weekends off; this type of setup is becoming the norm in business-to-business franchising environments.
Franchising: Room for Growth
There are more than 3,000 different franchises operating today across 300 business categories. The net result from all of this activity is nearly twenty million jobs and more than $2 trillion ceaselessly stimulating the economy. A brand-new franchise business opens, on average, every eight minutes in the United States!
The takeaway is that you can segue corporate skills into franchising and keep your day job, all the while reaping the benefits of added autonomy and professional fulfillment. To learn more about how you can take advantage of this amazing franchising opportunity and become a franchisee of EmbroidMe today, visit our website!