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When you hear the phrase “starting a franchise,” what comes to mind? While the franchising business model has been around for decades, many people are still unsure of what happens when you take the leap into this style of business ownership. And because there are so many unknowns, there are a lot of misconceptions about what it means to start a franchise. Let’s bust those, shall we?
Here are the top three myths about franchising debunked to keep you well-informed and in-the-know as you decide whether this model is right for you.
Myth #1: Starting a Franchise Means Starting a Restaurant
Sometimes, when those who are new to the world of franchising hear the term franchise, images of fast-food or restaurant franchise come immediately to mind. While it’s true that there are many lucrative opportunities in both the quick-service food industry and full-service restaurants, there are other options too.
The franchise model spans various industries, meaning there’s a business model for every personality type. Whether you love numbers and want to be out on the road and open a courier or shipping franchise, or you prefer to work from home with a home-based franchise, there’s something for you. You can align your personality, personal, and business goals with an industry that feels fun and right for you.
Myth #2: You Need Industry Experience to Start a Franchise
Along the same lines as the first myth we just debunked is this — you can open up a franchise in any industry regardless of whether you have industry experience or not. Many people believe that you cannot open a franchise until you have worked in the industry for some time. However, the reality is that anyone can start a franchise in any industry they’re passionate about. Here’s why.
When you start a franchise, you’re starting a business. That means your job is to bring in the right talent pool to serve your clients and grow the business in your region. That talent pool need to be industry experts. You, the future franchise owner, just need to have a passion for helping others through this venture.
Franchising is an even better option if you’ve never started a business and aren’t sure you have the entrepreneurial know-how. That’s because you’re backed by a corporate office that will teach you the tried and true ways to build your business. That means you get instant support and consistent access to a wealth of knowledge, making it even easier to break into the industry that has your heart — no past industry experience required.
Myth #3: Franchising is a Get Rich Quick Scheme
While there are many perks to starting a franchise, be cautious if the one you’re looking at is ever positioned as a get-rich-quick scheme. When you start a franchise, no matter how turnkey the systems you get might be, you will need to put in the work to make the franchise a success. Franchising requires setup and maintenance, even if you opt into a franchise that allows you to operate it part-time.
While it’s true that you might see revenues coming in quickly, building that steady growth requires that you show up for your franchise in a steady way. Yes, you can build a franchise around your current lifestyle, but you will need to plan to put in some work for it to succeed. The good news is that you’ll have a corporate team backing you and guiding you along that journey, so knowing where and how to show up is less tricky than if you were to start a business from scratch.
If you’re ready to bust these myths with your franchise venture, browse the Franchise Direct Canada site to get a feel for what’s available.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.