If you are looking for a new business endeavor for the coming year, why not try franchising? In franchising, you pay the entrepreneurs behind them in exchange for adapting their business system and selling their product or service under the same trademark.
Even if this type of business has a lot of benefits, there are a lot of myths surrounding it. Before you get your own franchise in the Philippines, confirm if the misconceptions surrounding franchising are true or false.
Franchise= Easy Success
It is true that franchising increases your chance of success; however, this doesn’t mean success is guaranteed. Like with any business, you have to put in effort and time to make your franchise work and grow.
Getting a franchise instead of starting your own business doesn’t mean you can slack off. It also doesn’t mean you’ll gain profit easily and at a fast pace. Success and profitability will depend on a lot of factors; franchising only means that you already have advantages such an established name . Use those advantages to get ahead instead of relying on them to make your business work without any effort at all.
Franchising Exists in the Restaurant Industry Only
People believe franchising is only available in the restaurant industry. if you are not into serving food or coffee, then you have to say goodbye to your franchising dreams. That is just not true as there are numerous franchises in different industries such as pharmacies, fitness, retail, and more! Check the brands that fit your interests to see if they are offering franchising.
Creativity is Curbed with Franchising
Since in franchising, you adapt the system of the franchisor, some people think that franchisees have no creative freedom at all. This is untrue. While, yes, you have to follow the basic system of your franchisor, this doesn’t mean they control everything else.
There are other aspects where a franchisee can have total freedom. For example, franchisees decide who to hire and fire. It is also up to them on how to market their store, balance their budget, and communicate with their clientele. Some franchisors even encourage suggestions! There are a lot of decision-making and creativity involved in franchising. Think about it, why will they hinder your growth if your success means their success as well?
Franchising is Expensive
The fee involved in this business depends on the franchise you want to start; there is no set fee. Of course, you have to be careful when choosing which franchise to start. Do some research before jumping into anything.
The reason why there is no set price for the franchise fee is because of the trademark, materials and other package inclusions. Some may offer marketing support while others may not.
People with Regular Job Can’t Start a Franchise
Franchising does not necessarily mean you cannot have a full time job; in fact, plenty of franchisees have a full time profession, setting the franchise as another way to earn more income. If you are worried you will be unable to balance your current occupation with managing a franchise, then know there are franchisors who offer franchisees the chance to be passive investors instead of full-time ones. This means that you don’t have to quit your job if you don’t want to!
Franchising is just like any other business; you need to have the necessary skills and mindset to run them and overcome obstacles that come your way. It may be hard at first but for sure it will soon be easy as pie.