You might be considering taking the leap and buying into a franchise, you’ve decided that owning a franchise is the right option for you and you’ve done the market research into your chosen business. However, there are still a few things holding you back. With any business opportunity or really anything in life, there are myths that can mislead potential investors and people looking to start their franchising journey. Sometimes these can even fully put someone off a potentially awesome new opportunity. We have put together this list to debunk a few of the most popular franchise myths. Read on to hear the top football franchise or non-football franchise myths.
1. Franchises are more expensive than starting a business
Have you heard that you have to have a lot of money to start a franchise? That it will take too long to pay back your buy-in cost that your franchise won’t be profitable? If that’s the case then you need to think again, as franchising is not necessarily expensive. There are various sizes of investments when it comes to different brands and what they can offer in return. It is all about finding the right one for you, some which have a higher upfront cost will offer more in return and some will just naturally have a higher upfront cost because they are so confident in their product and how quickly you will earn the money back. It’s all about market research but there is a franchise for every budget.
Here at BabyBallers football franchise, we are proud to deliver our excellent services for a very affordable cost. You can read more about it here.
2. The franchisor will run the business for you
Any good franchisor will offer a good amount of support when you first get started and throughout your time as a franchisee. Be that by having regular catch-ups or just always being at the end of the phone to answer your questions. However, even though you can receive a lot of helpful support from your franchisor, the franchise business is still your business and you can only rely on yourself to run that business. Whether it will succeed or not is down to you only. The support offered is a massive bonus and a huge reason why a lot of people opt to buy into a franchise over starting a business for themselves.
3. A franchise will be profitable without hard work
Leading on from the previous point, this is a huge one to remember and one that a lot of people believe prior to buying into a franchise. As much as we would all love this to be true (and the best-kept secret since sliced bread) you, unfortunately, do still need to put in hard work to be rewarded with a successful business. Just because franchises have higher success rates that do not mean that success comes any easier to franchisees than a business owner. In fact, most franchisees work very hard to deliver a good service to their customers and to grow their businesses.
4. Prior experience is mandatory for franchising
Like any other career, prior experience is useful, however, it is not mandatory when it comes to franchising. You can learn about the industry and you can certainly learn about franchising as a whole. If you plan on being a hands-on owner then it is beneficial to have an interest in the industry you are investing in e.g.football franchise or children’s franchise. However, this is definitely not mandatory.
When it comes to franchisors, businesses are looking for franchisees with business experience and the ability to manage people. All other training related to the industry will be provided by the franchise you opt to invest in or can be learnt on the job. Just come with a passion and desire to learn and a hard-working ethic and you’ll be fine.
5. Corporate controls the business
The franchisor will provide you with certain guidelines and valuable advice to help you and your franchise succeed, after all, it is in their best interest as well as yours. However. You are the new franchise owner and are in complete control over the scale of your business and how big or small you want to make it. Together, you and the franchisor will develop a business plan that aligns with both parties’ goals.
We hope this has helped anyone looking to find out more about franchising and debunked a few myths you might have previously heard. If you are thinking of buying into a franchise be that a football franchise or a different area, we have a whole host of different advice and tips in our blog. If you wish to find out more about owning a BabyBallers football franchise then click here or reach out to us with any questions you might have.