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Franchise Myths

In any field of activity there are often many plausible sounding bits of "advice" and information that have come to be accepted without any current basis in fact.  Sometimes these "snippits" have come about because of situations that were once relevant, but now are no longer valid, or sometimes they are just someone's opinion that has taken on the mantle of "fact" simply because they have been repeated so often.

The franchise industry is no different.  Here we try and put to rest some of the most common "myths" about franchising that may have even been holding you back from making the right career decision.
 
Kyros can help you cut through the mist, assumptions and just plain misinformation to assist you in finding the right franchisee business to match your skills and aspirations.
 

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Some of the most common myths:
1. Finding the right business will make me successful.
No - what will determine your success, is your enthusiasm, determination and willingness to follow the franchisor's proven business system. It is of course true that there are some franchises where specific experience or skills could be helpful (eg B2B sales), but generally franchisors prefer new franchisees to be unfamiliar with their market place - and consequently that much more open to learn their business systems.
 
2. The secret to success is finding a career doing something I love.
There is far more to identifying a suitable franchise than selecting on the basis of a favourite hobby or activity. Whilst its important that you are enthusiastic about the business concept, our experience shows that there are many other elements which should be considered to maximise your chances of success.
 
3. I can't be in the business!  I don't know anything about the industry!
Many franchisors prefer to work with individuals who are unfamiliar with their concept - in general they are more open to learning and following the system, than those who 'have the T-shirt'!
 
4. Most new businesses go belly up.
Whilst its true that the majority of 'bright idea' start-ups fail to last more than 3 years, the reverse is true in franchising. Over 90% of franchisees of well-structured franchise systems are successful.
 
5. Corporate HQ will dictate everything.  I won't have any control.
Franchisors provide the framework, but you manage, market and promote the business. You're in charge. Remember: franchisors don't win unless you win. Its truly a win-win situation.
 
6. I can't be creative in a franchise.
The creativity comes in managing and marketing a proven process. And there's plenty of room for your ideas. You'd be astonished to know how many product and service innovations have come from franchisees, not the parent company.
 
7. A franchise requires more money than I can afford.
That depends on how you approach it. Our most successful clients have seen it as an investment. Before you let money concerns limit your future, talk to us. Like owning a home, there are many ways to finance a franchise. We know the ropes. Let us advise you.