Busting 3 Major Franchising Myths
Entrepreneur US|Startups - Summer 2024
Is franchising really just for the affluent looking for a turnkey, "easy" path to success? No, no, and no!
AB IGRAM, VINCENT ONYEMAH
Busting 3 Major Franchising Myths

Many people don't understand franchising.

That's something we've discovered throughout our careers, as we've studied how great companies grow.

When we talk with university students, seasoned executives, and everyone in between, we frequently encounter myths about franchising. They say that franchises aren't truly entrepreneurial businesses, for example, or that they can be run lazily.

Wrong! We've seen firsthand how franchising is an excellent model for companies looking to expand and scale, and how it provides incredible opportunities to individuals who want to be entrepreneurial and create economic and social value.

Here are three of the most common misconceptions that you should stop believing.

MYTH #1 ▸ Franchising can succeed on autopilot.

A successful franchise business requires many different partners. The franchisor creates the brand, the franchisees expand that brand, and bankers and investors arrange financing for it all to come together.

However, there's a persistent belief that franchisees have it easy. The argument goes like this: The franchisee just has to open the store, and the franchisor will take care of the rest.

After all, isn't there a playbook already written? Doesn't the brand just run itself? Wrong. If you have a fitness plan, that is not the same as actually exercising. The same is true for franchising: It's great to have a plan, but franchisees need to work hard to execute it themselves.

A new franchisee must navigate a range of complex tasks.

To start, there's often real estate to build out, launches to plan, leadership teams to develop, and more. Once the business is operational, there are constant labor and supply chain management issues.

Diese Geschichte stammt aus der Startups - Summer 2024-Ausgabe von Entrepreneur US.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der Startups - Summer 2024-Ausgabe von Entrepreneur US.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS ENTREPRENEUR USAlle anzeigen
How to Succeed With Gen Z Workers
Entrepreneur US

How to Succeed With Gen Z Workers

People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.

time-read
2 Minuten  |
November - December 2024
There's No Perfect Answer
Entrepreneur US

There's No Perfect Answer

I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\" Instead, what I found was a tarot card deck.

time-read
1 min  |
November - December 2024
10 HOTTEST TRENDS for 2025
Entrepreneur US

10 HOTTEST TRENDS for 2025

Want to buy a brand that buzzes? Here's what to know.

time-read
1 min  |
November - December 2024
BUILD YOUR MONEY MACHINE
Entrepreneur US

BUILD YOUR MONEY MACHINE

A franchise isn't just a franchise. It should be a Money Machine, creating profit even while you're out of the office. Here's how.

time-read
10 Minuten  |
November - December 2024
The Top Franchises for Veterans
Entrepreneur US

The Top Franchises for Veterans

Are you a military vet looking to become a franchisee, or just want to support a brand that supports the troops? Check out these 150 brands.

time-read
1 min  |
November - December 2024
20 LEADERS WHO ARE DEFINING ENTREPRENEURSHIP TODAY
Entrepreneur US

20 LEADERS WHO ARE DEFINING ENTREPRENEURSHIP TODAY

In a year of disruption, we wanted to know: Whose work will define the years to come? We reviewed hundreds of names and picked 20 leaders across a range of industries and sizes. Meet them on the following pages, and see what it takes to thrive in 2025 and beyond.

time-read
10+ Minuten  |
November - December 2024
How to Become a Main Street Millionaire
Entrepreneur US

How to Become a Main Street Millionaire

It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.

time-read
5 Minuten  |
November - December 2024
Want to Better Serve Your Clients? Become Them.
Entrepreneur US

Want to Better Serve Your Clients? Become Them.

As a designer for brands, starting my own product company gave me a dose of humilityand it changed the way I relate to clients.

time-read
3 Minuten  |
November - December 2024
I've Been a Publicist for 17 Years.Don't Hire Me.
Entrepreneur US

I've Been a Publicist for 17 Years.Don't Hire Me.

Entrepreneurs often think they need PR. Most don't. Here's why you're probably better off not hiring someone like me.

time-read
5 Minuten  |
November - December 2024
The CEO's Advice to the MVP
Entrepreneur US

The CEO's Advice to the MVP

Kickstarter CEO Everette Taylor knows the formula for a successful launch. NBA champ Jaylen Brown recently launched a shoe and athleisure brand. They have a lot to teach each other.

time-read
7 Minuten  |
November - December 2024