Are you looking to invest in a franchise but don’t know if it’s right for you?
Taking the plunge to start your own business is a big decision: there’s a lot of risk when launching an independent company, especially in a competitive industry. Investing in a franchise, though, is an ideal solution — you have the managerial role you crave under the umbrella of an established brand.
You’re not starting from scratch. You’re joining a successful enterprise.
However, any hesitation you might have about investing may be fueled by popular misconceptions people have about franchises. Below, we take a look at the five most common myths and debunk them, giving you the peace of mind you need to make the right choice.
While any managerial background you may bring to the role is certainly an advantage, it’s not a must-have. People from all kinds of careers can become a franchisee, whether you’ve worked in a similar industry or not.
It’s most important that you have a responsible attitude, can supervise a team, can communicate with people of different walks of life and can follow the franchise’s established systems.
Rest assured: a franchise puts great trust into its franchisees, and they will make sure you’re the right person for the job.
You don’t have to invest in a franchise with global recognition. While having a colossal name attached to your branch will help bring people through the door, it’s no guarantee.
Smaller franchises can build loyal customers and generate fantastic word-of-mouth marketing if their services are good enough.
Focus on how well the franchise fits you and your goals, as well as the overall quality it offers. Does it have strong values that benefit customers? Will its location and its products / services be of use to the community?
If you can say ‘yes’ to these questions, the franchise is probably right for you.
While the franchisor will give you a solid framework and a system of working, you still get to be your own boss. You’ll be responsible for building your business and making it a success within your local community, though some marketing may be handled by the franchisor itself.
You will have the freedom and flexibility to hire / fire your employees, develop ideas to improve the service and generally feel in control.
There’s no reason you have to be rich to invest in a franchise, especially a new one. You’ll find the price to launch your own branch competitive, and the franchisor’s help in setting up the business is a huge help when starting out.
Aspects such as location and size of the venue will affect the cost of investment, but you’re sure to receive a reasonable price if you’re interested.
This is absolutely untrue. A franchisor is trusting you to run a business bearing their brand: if you’re a poor fit, what impact will that have on their reputation?
Just as you have to look into the franchise and be sure it’s best for you, so too does the franchisor. They will want to learn more about you, identify your strengths and discuss your goals. It’s a two-way arrangement, and you’ll have a close relationship with the franchisor from the beginning.
At 10-4 Tow, we’re a new franchise with locations across California in Oakland, San Jose, San Diego, Sacramento, San Leandro, Long Beach, Stockton and Fullerton — and we’re looking to expand nationwide. If you’re looking to join a dedicated towing and roadside assistance franchise with a reputation for excellence, give us a call or click here for more info!