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.
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Denne historien er fra Startups - Summer 2024-utgaven av Entrepreneur US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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