Many common myths about buying a franchise either discourage potential franchisees or set them up for failure. The BooXkeeping team and our family of franchisees have plenty of experience with the ups and downs of franchising, so we've decided to debunk some popular myths. After you've read this, maybe you'd even like to open a BooXkeeping franchise and join the family yourself.
Common Myths About Owning a Franchise
Myth #1: Franchisees Lack Autonomy
The first of multiple myths that imagine a lopsided relationship between the franchisee and franchisor. When you own a franchise, you will have a broad framework provided to follow. However, this only serves as a set of guidelines: you'll have plenty of room to tailor your business to your own practical needs. If you come up with an innovative new idea, the broader company might even adopt your idea! The fact that a good franchise encourages autonomy and creativity is one of the great strengths of the business model.
Myth #2: The Franchisor Reaps All The Profit
People often look at franchising and see the royalty fees, and feel like they're being taken advantage of. However, the value that you get in return for these fees is much greater. Training and support that you receive for your franchise fee are invaluable. Not to mention, royalties filter back to your own business by paying for the marketing and continued support all franchisees benefit from. Royalties are the price you pay to benefit from the support of a successful business apparatus, and in that light, they're a bargain.
Myth #3: Franchising Is Expensive
This ties back into the previous myth to some extent, as entrepreneurs often look at the cost of starting a business and imagine a franchise fee stacked on top of it. However, being part of a franchise replaces many of those costs and gives you a tremendous headstart. Any good franchise will offer instant brand recognition and robust support services, but some go a step further. Our BooXkeeping franchisees even benefit from client generation services, empowering them to hit the ground running. While you do need capital to start a franchise, the fee you pay to join up is more akin to an investment than an expense.
Myth #4: A Franchise Runs Itself
While other myths tend to center on various anxieties a potential franchisee might have, some people imagine that franchises are low-effort and effectively passive income sources. That's not true, as it does take dedication and effort to make a successful franchise. While the franchisor gives you the tools to succeed, it's still up to you to use them.
Sign Up For a Bookkeeping Franchise
All that you need to succeed as a member of the BooXkeeping family is drive and determination. Even if you have no bookkeeping experience, we'll give you all the tools and training you need to run a profitable franchise. If you're interested in becoming a franchisee, give us a call.