Maybe you’ve been thinking of joining a franchise for a while now but have been put off by what others have said? Well, let us help you sort out the truth from the myth right here. We’ll do that by stating the myth then the facts:
1. The franchise has to be well-known to succeed
Not necessarily. A popular brand may not necessarily suit you. A far better idea is to invest in a franchise which aligns with your lifestyle and interests.
2. You have to work full-time in a franchise
Many franchises are part-time where you can work from home. It’s also the case that some franchisees prefer to keep on their ‘day job’ and run the franchisee in a more passive fashion.
3. Having a franchise is an easy way to make pots of money
Let’s face it, if that were true everyone would be a franchisee. Later down the line you might be able to sit back and relax a bit more once you become more experienced in the industry. In the initial stages though it’s going to be a lot of effort – if you want your business to succeed, that is.
4. You need to have experience of a business first
You will receive training from the franchise since you will be using the franchisor’s systems and implementing them. What you do need though is the drive and enthusiasm to succeed.
5. Anyone can join any franchise if they have the cash
Franchisors are often very selective about who they allow to join the business. They’ve spent a long time building up their reputation, after all. Why would they ruin that by signing up a franchisee who had no real interest in the business or working to the agreed business framework? There’s actually a pretty involved evaluation process with most franchises.
6. Franchises are extortionate to buy into
Costs of buying a franchise can vary from £5,000 to £50,000 depending on the size and popularity of the franchise. When you buy into a franchise though it’s not money spent that you’ll never see again. Rather, regard it as an investment – one which will reap bigger financial rewards down the line.
7. You don’t really have independence in a franchise
You have lots of leeway to make your own decisions. The franchisor advises on the successful basic system (or framework for the business), but you have plenty of leeway from there. You are the manager and the one building up and operating the business. The marketing materials may be provided, for instance, but you’re the one doing the actual marketing for your part of the franchise.
Learn about a Sourced Network franchise
At our Sourced Franchise, we provide full training, backed up with ongoing support from experienced property investors who themselves are part of the franchise operation.
You can also have 100% funding for your own projects via our peer-to-peer lending scheme, access to unlimited property leads and a range of potential Joint Venture partners. To find out more download our Franchise Prospectus today – and become part of the team ‘tomorrow.’