Busting 3 Major Franchising Myths

Is franchising really just for affluent people looking for a turnkey, “easy” path to success? No, no, and no!

- AB IGRAM AND VINCENT ONYEMAH

Many people don’t understand franchising. When we talk with university students, seasoned executives, and everyone in between, we frequently encounter myths about franchising. They say that franchises aren’t truly entrepreneurial businesses, for example, or that they can be run lazily.

Wrong! We've seen firsthand how franchising is an excellent model for companies looking to expand and scale, and how it provides incredible opportunities to individuals who want to be entrepreneurial and create economic and social value.

Here are three of the most common misconceptions that you should stop believing.

Myth #1 Franchising can succeed on autopilot.

There’s a persistent belief that franchisees have it easy. People think the franchisee just has to open the store, and the franchisor will take care of the rest. After all, isn’t there a playbook already written?