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Business Mentor: Myths and facts about franchising Fear is one of the basic human emotions. It is a warning to keep us from harm. However, people often tend to be scared even if they are not fully aware that it is dangerous. With regards to business, a person who has been presented with proof that owning a business can be his ticket to a more convenient life, may still hesitate to take the plunge. Common Franchising Myths Debunked One lesson I have learned all these years is not to allow misconceptions to prevent me from reaching my dream. Entrepreneurs are risk-takers. You will never know how great life can be if you allow yourselves to be overshadowed by fear. Leaping from an 8-hour job to investing in your franchise is a big decision with many things to consider (consequences included). The risk of not receiving your weekly paycheck, changes in your daily routine, and concentrating on your job alone will change. Besides everything mentioned above, those buzzing "friends" keep telling you not to do it. Some people around you will give you endless reasons, mainly myths and misconceptions. Listening to them could affect your thoughts in pursuing your dream own owning a business through franchising. With all the negative things you have probably heard, you must realize that tremendous rewards await you if you allow yourself to learn more about the benefits of franchising. As long as you find the right opportunity with the right concept, you can't imagine how much it could change your life. Therefore, you need to equip yourself with the right mindset and choose to be well-informed about the pros and cons. Myth 1: You need to have business experience before becoming a franchise. Although it would be helpful to have a business background, this is not required to become a franchise owner. One of the advantages of owning a franchise business is that you skip all the hardships of starting a business. The franchisor will provide you with everything that you need. Myth 2: The franchisor will run the franchise business for you. The franchisee is the one who runs the business. As a franchisee, you have all the sources available to run the business. Myth 3: High-profile brands are the only brands to consider for franchising. Choosing a well-known brand to franchise provides you with an edge from not-so-popular brands. However, popular brands may cost no less than P1 million nowadays. And if you are starting your first business with limited resources, it may take you a while before you reach your ROI, or you might need to seek a loan to pay for the high franchise fee. If you choose a small brand for the franchise, conduct thorough research on the business' performance for the past two years. The franchise should have a proven business model and at least two years of solid financial records. You should base your choice on the performance of the franchise business and not entirely on the cost. There may be franchise business offers that are too good to be true wherein the cost may be inexpensive, but when you ask how the company has done for the past years, the franchisor could not give you any information. Beware of these types of businesses. Myth 4: It is impossible to fail in a franchise business. The success of a business depends on proper management. This means that the franchise business cannot run on its own. The franchisee needs to ensure that the sales are reaching their goal, that employees are doing their jobs, and that the quality of products and services are maintained. The bottom line is that franchising is an excellent opportunity to start your own business. If you have been thinking of starting your own business through franchising but lack the knowledge of when or how to start, do drop me a message. I will try my best to help you start building your dream.