Myth #1 -Franchises are all about food.
Sure there are a lot of food franchises out there. But there are even more franchises of other types of businesses. Everything from house cleaning to painting to hydraulic hose replacement. There are franchises that specialize in bio cleaning (like crime scenes) to saving businesses money on their utility bills. In other words, there is somthing for everyone.
Myth #2 – Franchises Cost $1 million
There are many franchises that you can join that cost less than $100,000 and some at only $50,000. And you don’t need to have all that in cash. For some you can get an SBA backed or other loan to help you fund your franchise. You can also use your 401k or IRA without penalties for early withdrawal if done correctly.
Myth #3 – It Takes A Long Time To Make Money
Franchises that are brick and mortar (buildings) or have lots of inventory can take a while to cash flow. But, there are quite a few franchises that can start to cash flow rather quickly. These tend to be service businesses that are driven by needs rather than luxury and often have fewer, or no employees. Many times they are home based or mobile in nature. There are no guarantees, but there are businesses that are sure to take longer based on the costs of retail space and employee costs. With the right franchisor, the right marketing plan, a unique position in the market and focus there are franchises that can get you up and running quickly.
Myth #4 – I Need To Know All About The Industry
In fact, there are many franchises that the franchisor actually prefers that you not be an expert in the field. They want to teach you to do it their way. What they are really looking for are people who can lead and manage. Franchisees who know how to follow a system and hire and motivate a team to success. Sure, there are some where industry knowledge helps, but they are not the majority.
The most important thing to buying a franchise, is to be open to the possibilities. Don’t get as hung up on the industry as what your life can look like. There are businesses that might surprise you in scalability, opportunity and flexibility or opportunities for growth, in industries you never even thought about.
If you want to learn about franchises that may not be on your radar, give me a call and we can talk about your goals and see if we can find the right business to fit your needs. Mariruth Kennedy 813 494 1729 or visit our contact page.