Wednesday-January 16, 2019
Kheir Consulting
Marketing and Strategy


Small Business Myths That Can Stop a Franchise Before it Starts
2008-09-22 18:29:26

Whether it?s Paul Bunyan and his gigantic blue ox or a get-rich-quick business opportunity, America loves a tall tale, we always have, and there are plenty of them to go around. Nowhere is this more true than in small business, where some say that success is guaranteed while other say that it?s nearly impossible. Though there are probably dozens of myths about small business to choose from, here are 5 that are notorious for either deterring people from even starting a franchise or getting them into deep trouble after they have purchased one. 1) "You can?t actually make money that way" Wrong. In some ways, the idea that you can start your own business, perhaps work from home, and make good money working a small amount of hours may seem too good to be true, but in reality it is possible. For example, a naysayer may doubt it, but some Rotobrush franchisees have been able to bring in an annual income of $75,000 by using their duct-cleaning equipment to clean out the ductwork of the homes of only three clients per week, which equates to much less than fulltime work. It?s a bit of an extreme example, but its point remains: you can make money. 2) "I could never afford to own my own business" If you have enough money to purchase a decent used car, then you have enough money to buy a franchise. Though taking advantage of a good business opportunity logically seems like it should come at a very high price, this is not always the case. In fact, some of the greatest business options come at some of the smallest prices, like Blind Brokers Network, a business that gives franchisees the inside track on the business of window covers for only $10,000 up front, and American Vending Systems gets its franchisees into an industry with easily the highest profit margin available, again for only $10,000. 3) "Success is guaranteed" Not all myths paint the situation worse than it actually is. This particular franchising tall tale is a gross exaggeration of the fact that starting a franchise does drastically increase your odds of success because you?re using a tested and functional business model. Think of starting a small business as climbing a steep rock face and a franchise as your climbing harness. It?s true that wearing the harness will greatly increase your chances of making it to the top safely, but it?s not a guarantee. 4) "I won?t have to answer to anyone" Though a person may not actually say this, often it?s really what the words "I get to be my own boss" would translate to if we were really honest with ourselves. Although when you start a franchise you will get to be your own boss, you will still have to abide by the rules of the franchise, and depending on the franchise you choose, these rules will vary in scope and number. As your own boss in a Griswold Special Care senior care franchise, or as the owner of your own Molly Maid, you do have the privilege of working without having someone constantly looking over your shoulder, but that does not mean that you get to make up all the rules yourself. On the contrary, most franchisors are fairly specific about how things in your business are run, because, first, their method is the one that has worked all this time, and second, their primary concern is keeping the name of their business in good shape. At the end of the day, these rules will ultimately work in your favor as well because you will be able to piggy back off of the successful strategy that got the franchise in question where they are today. 5) "It?ll be smooth sailing" Once again, a franchise is a great thing because you receive an already functional business model and there is support available to you at every step along the way, but don?t think for a second that there won?t be hard work involved. No matter how well designed the Cruise Planners work at home business plan is, and regardless of how much help you can get from their training and support staff, if you expect your business to flourish, it is going to take hours and weeks and months of effort on your part to make your business succeed. The problem with any of these myths is that they give business owners a false sense of what they are actually engaged in. Whether that notion leads them away from franchising entirely or presses them into a business that they aren?t prepared for, the threat of failure is much higher than it would have been if they just had a clear vision of what they were doing. Before you get into the profitable business of small business franchises, make sure you have all the facts.

Source: Small Business Myths That Can Stop a Franchise Before it Starts


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