Common facts and Myths about Franchises
Many Indian entrepreneurs are turning to franchises to build their brands and join a successful firm because, according to serve, franchising is the simplest and fastest method to expand and create a business without having to start from zero.
If there’s one thing you should know about franchising, it may provide you with a sense of fulfilment, unlike any other profession.
Without a question, that is a bold statement. Hundreds of industry veterans have testified in support of the claim.
Misconceptions about franchises, on the other hand, are propagating, creating false expectations and fear in the industry.
1. Franchising is prohibitively costly.
Do you believe that owning a franchise requires hundreds of thousands of dollars in liquid capital? For certain brands, this is correct.
For persons with past business knowledge, however, the bulk of investment options are absolutely inexpensive.
Some franchise opportunities are even less expensive than buying a new automobile! If you’re a homeowner, it’s absolutely more inexpensive than housing.
So, how much precisely does it cost? Of course, this is dependent on the specific brand. Some of the franchises in our portfolio have investment requirements ranging from 40,000 INR to 8,000,000 INR.
Yes, there is a wide variation here, which is why knowing the facts about individual companies and their overhead expenses is critical. It isn’t a one-size-fits-all business.
2. Organizations have complete power over the owners.
For a reason, the notion that creativity does not exist within a corporation is a cliche. When it comes to this sector, however, this is simply franchised fiction.
Many purchasers purchase brands that come with their own marketing and tactics, but it is ultimately THEIR business in the community.
And it is completely feasible to be creative. Owners have the ability to generate personal flair, their own campaigns, events, and anything else that contributes to the brand’s health after the corporate structure is formed.
3. Business is easier with big Brands.
Most people are aware of franchising because of the well-known brands that have built the industry’s reputation.
This might also explain why so many people believe franchising is prohibitively costly and devoid of creativity, as massive megacorporations are typically held to this standard. Small franchise brands, on the other hand, are ubiquitous; you just don’t identify them as franchisees.
These firms are great to invest in since you’ll almost surely get one-on-one attention early on and get a feel of what it’s like to join a family of like-minded entrepreneurs.
4. You must have significant franchise experience.
This franchise myth is both comprehensible and untrue. You do not need any prior experience in the sector in which you plan to invest. More experience, on the other hand, is always a plus.
Franchisees are searching for traits in their candidates rather than years of experience in the sector. Typically, companies look for applicants with business experience and management skills; industry training will be provided throughout the onboarding process.
5. There is no risk of failure.
Nothing in life is certain, and success is no exception. Many individuals believe this myth because they feel that if you ride on the coattails of a well-known brand, success will follow.
There may be some truth to this, especially when one is just starting out in franchising.
Franchisees receive a lot of help from the brand. But, in the end, the only thing that will allow you to succeed on your own will be to make your investment work.
Fortunately, most of the people we deal with are motivated by a desire to make a difference, gain greater freedom, and leave a legacy, all of which contribute to long-term success.
If you’re interested in learning more about best practices and brands, visit franchiseinsider.in or call at +91 6351238956.
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