Buying a franchise from an established company is a great way to run your own business, be your own boss, and make your own career decisions while having the support and backing of a trusted brand behind you. But many people who would be interested in this venture have been turned off by myths and rumors, so today’s discussion will be dedicated to dispelling a few of these myths and exploring the truth behind franchise ownership.
Myth 1: The Financial Commitment is Prohibitive
When most people think of a successful franchise, they often believe that the cost to buy into that company must be exorbitant. And while it is true that many global brand name franchises require a multi-million dollar investment, there are opportunities with profitable companies that do not demand such an outrageous financial commitment. WSI is one such company, and our digital marketing franchises have low start-up and overhead costs, making them a viable option for any entrepreneur.
Myth 2: The Franchise Must Perfectly Match the Person
You may think that in order to own and operate a burger franchise, for example, you must have years of training and experience in the fast food industry. But this simply isn't true, and your personality, experience, and skills don’t have to perfectly match an industry or business for you to run a successful franchise. Most WSI franchisees have no background in digital marketing, but they are analytical thinkers with strong communication abilities and other transferrable skills.
Myth 3: There's No Freedom or Creativity in Franchise Ownership
Large companies that franchise out locations have an image they want to maintain across the board, so they don’t allow any deviation from the policy or brand, right? Not quite. Although this makes sense, in theory, it’s simply not true in practice, and franchisees have many opportunities to exercise their individuality. A franchise is a framework, and within that system, the owner has plenty of creative freedom and control in terms of the operation of the business, promotions, and strategies to achieve sales success, vision for the future, and execution of daily activities.
Myth 4: Owning a Franchise Means No Flexibility with Your Time
Another similar franchise misconception is the belief that you have to sign away your soul (and every hour of your day) when you run a franchise. And while it is true that running a business takes commitment and dedication, it’s not true that you have no flexibility. In fact, most WSI franchisees chose a digital marketing franchise precisely because the opportunity afforded a healthy work-life balance, the ability to spend time with family and friends, and control over their own schedules.
Myth 5: A Franchise Offers Guaranteed Success
Among the most pernicious myths about franchise ownership is the belief that buying a franchise automatically guarantees small business sales and success. Owning and operating any business is a responsibility that requires time, patience, and hard work. With the right franchise, you'll be given all the tools you need to succeed—such as training, support, and a good network to draw from—but ultimately, you must grab your own success like a bull by the horns if you want to make it.
Buying into a franchise is ideal for entrepreneurs, perfect for individuals who have recently been laid off or lost their job, and great for independent people who want more freedom and control. And despite some of the myths you may have heard about franchise ownership, operating a business franchise is an affordable and flexible option that lets you work hard for the reward of success, and that also leaves plenty of time to enjoy the fruits of your labor.
