There are a few misconceptions out there about franchise ownership that I‘d like to clarify. If you accept these myths at face value, there’s a good chance you’ll be robbing yourself of an opportunity that can not only be financially rewarding, but personally satisfying. Before you make up your mind, it helps to know the facts:
I’ll only become successful if I find the right business
Many of us equate “right” with what we’re already good at. But that doesn’t mean you should limit your options. Take some time and list your transferable skills from your past experience –leadership, delegation, people management, marketing, finances, etc. Many of these skills that helped you succeed in one business will transfer well into many others.
I will only be successful if I do something I love
Believe it or not, businesses based on an owner’s background have the highest failure rate. Your franchise business is a vehicle to the lifestyle you’re seeking. If you limit your choices to what you’re familiar with or good at, you’re placing yourself at a major disadvantage, because you’re ignoring a huge number of possibilities that are outside your realm of past business experience. The successful business owner should be ideally be spending most of their time working on growing the business and hiring others as technicians working in the business.
Tune into my next few blogs as I will be addressing other myths of franchise ownership.