Common Misconceptions of Franchising
Franchising is an amazing way to branch into entrepreneurship! Many aspiring business owners can be intimidated by the thought of becoming their own boss, and many of those fears are rooted in misconceptions.
1. Franchising is Expensive.
There is vast diversity in start-up costs for franchising! There is a franchise to suit every budget! Other than one-time franchise fee and the continuing royalties, franchise expenses aren’t very different than other businesses. While franchise investments are something to think about, they come with the added benefit of having an established product and service model! This saves you LOADS of preparation time that building a business from scratch takes.
When looking into franchising, think about the other costs associated. Home-based franchise models are more financially tangible, with the added benefit of working from home! High Touch High Tech’s business model allows you to utilize the space you’ve already paid for, instead of leasing a commercial real estate space!
2. The franchise with the best-known name is best.
A brand name can work for or against you. While a household name is doing well it comes with its successes, but in a public relation crisis your business will feel the pain! Focus more on how the franchise suits you, your staffing needs, hours of operation, and the investment needs. It will be your business, so you want to choose the franchise that you’ll want to work with in the long run!
3. I can’t manage a business without experience!
Yes, yes you can! Franchising is an amazing way for new entrepreneurs to come in with detailed map of success. Franchises offer the support, training, services and products, and marketing strategy so you don’t have to! You initiate your business with a plan and followed with continued support to ensure your success!
High Touch High Tech offers 25 years of programming and experience, aided by hands-on training! Our new franchise owners spend a week at the corporate franchise offer, learning the ins-and-outs of running their High Touch High Tech franchise! We spend that week learning how to execute programs, developing marketing skills, and blueprinting a success map for your territory!
4. Franchises are controlled by the corporate office.
We at High Touch High Tech believe in franchisee autonomy. While many franchisors stifle the creativity in running your own business, we allow you to manage your business as you see fit!
We welcome new ideas and encourage you to be creative for the benefit of your business and our franchise system!
5. Franchises are food and retail.
This misconception is rooted in the many years of fast food and retail franchise domination. The franchise game has diversified! Whether your passion is education, auto-services, fitness, or elder care, there is a franchise opportunity for you!
Each year Franchise Business Review comes out with the top 200 franchises. High Touch High Tech was listed on the top 200 for both the domestic and global franchise listings! Over 30,000 franchises were surveyed on franchisee satisfaction, and we’ve been top rated for again and again! We’ve also made it onto Entrepreneur Magazines top 500 franchise list!
6. Buy for your hobbies!
Hobbies change more often than passions. High Touch High Tech speaks to those with a passion for education, children, or even science! Franchise specialists often warn against buying franchise businesses related to your hobby. When your mortgage relies on your golf franchise, your opinions of the sport may change.
7. My franchise will run itself!
While you start your business with an established marketing and operating system in place, there is still work to be done! In the beginning of your business, you will still be spending time developing, managing, and growing your business!
High Touch High Tech seeks franchise owners who wish to be hands-on! Our business model of hands-on science grants a franchise owner who wants to participate in the day to day activities of their business!
8. Success is a guarantee.
As much as we wish it were true, success is never guaranteed. There is lots of hard work that goes into a successful business. Franchisors provide the tools in which to succeed, but they aren’t responsible for your success!
High Touch High Tech has successfully been franchising for over 25 years! We are continuously developing programs to suit our franchisees and providing the support to aid your success. Our successful franchise owners all have 2 things in common; a passion for their business, and the ability to work hard.
9. Franchisors only care about fees, not my success.
The franchise succeeds when franchisees succeed! There would be no franchise without you! High Touch High Tech wants our franchisees to seek new opportunities in their business and want to help guide you to your goals! It is in our best interest to see our franchise owners run a successful business!
10. My Franchisor will handle all marketing.
While franchisors can provide content and guidelines on marketing to your local territory, it is your duty to utilize it! The majority of franchisor created marketing is going to do more to create brand awareness and recognition. Utilize the marketing guidelines created by your franchisor to branch into your local market!
Sources Cited:
Moran, K. (2016, March 1) “10 Myths & Misconceptions of Franchising.” Retrieved from https://www.vikingmergers.com/blog/2016/10-myths-misconceptions-of-franchising/
WhichFranchise. (2014) “Reality Check – 8 Common Misconceptions About Franchising.” Retrieved from https://whichfranchise.co.za/reality-check-8-common-misconceptions-franchising/
Wilson, S. (2019) “8 Common Franchise Myths and Realities.” Retrieved from https://www.allbusiness.com/8-common-franchise-myths-and-realities-15370714-1.html