{"id":11108,"date":"2013-09-09T21:13:28","date_gmt":"2013-09-09T21:13:28","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=11108"},"modified":"2026-04-27T11:04:49","modified_gmt":"2026-04-27T15:04:49","slug":"franchise-ownership-myths-that-should-be-put-out-to-pasture","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/franchise-ownership-myths-that-should-be-put-out-to-pasture","title":{"rendered":"The Top 10 Franchise Business Ownership Myths That Need To Be Put Out To Pasture Once And For All (Part 2)"},"content":{"rendered":"

\"pasture\"<\/a>As an adult, you\u2019re supposed to \u201cown<\/i>\u201d your decisions.<\/p>\n

But, it\u2019s hard to do if the decisions you’ve made were based on false information. For example, some of the information that\u2019s available on franchise business ownership is just plain old marketing spin.<\/p>\n

This \u201cspin<\/i>\u201d can be powerful stuff. Well-crafted spin can influence behavior. In my business\u2026the franchise business, it can cause $35,000 franchise fee checks to get written by people who are looking for their shot at The American Dream<\/i>.<\/p>\n

In Part 1, I went through 4 out of the 10 franchise ownership myths<\/a> that should be put out to pasture<\/strong>-once and for all. Now, I\u2019m going to go through the other 6-so you can start your search for a franchise business opportunity with a clean slate…unlike most people<\/a>.<\/p>\n

Franchise Ownership Myths That Should Be Put Out To Pasture<\/h2>\n

5. Franchise \u00a0Risk<\/b><\/p>\n

How risky do you think it is to become the owner of a franchise? Do you think it\u2019s less risky that starting a business from scratch?<\/p>\n

One of the biggest myths<\/strong> about franchise ownership is that it\u2019s less risky than an independent business start-up. Wrong<\/strong><\/em><\/span>.<\/p>\n

For example, a franchise broker said this in an interview:<\/p>\n

\u201cSuccess rates appear to back them up: \u201cThe No. 1 reason businesses fail is lack of cash for working capital. After 10 years, only 16 percent of existing start-ups are still in business. With franchises, it\u2019s 90 percent.\u201d <\/i><\/p>\n

Katie Fagan, franchise consultant for FranNet, a franchise consulting group in San Jose.<\/p><\/blockquote>\n

Read how I debunked her claim<\/a>. And, don\u2019t fall for it if a franchise broker\/consultant, or a franchise salesperson tells you that. Some franchise websites<\/em> even show a quote that\u2019s similar. Ignore it.<\/p>\n

6. Owning A Franchise is Easy<\/b><\/p>\n

There\u2019s a saying that goes something like this:<\/p>\n

\u201cIf it was easy, everyone would do it<\/i>.\u201d<\/p>\n

Everyone\u00a0doesn’t<\/i>\u00a0do it. Most people don\u2019t <\/i>own franchises\u2026or any other type of business. The reason: It\u2019s risky. Really. It is<\/i>.<\/p>\n

And, while there are many ways to lower your risk when buying a franchise<\/a>, there\u2019s no guarantee of success. And, it\u2019s not easy being an owner.<\/p>\n

Owning a franchise means long hours. It means more headaches (aggravations<\/i>) as opposed to just being someone\u2019s employee. It means that you<\/em> are responsible for everything.<\/p>\n

Is that what you want? If so, franchise ownership may be for you. Owning your own business can be so<\/em> worth it. I know because I\u2019m an Owner, myself.<\/p>\n

<\/a><\/p>\n

7. Everything Is All Set-Up For You<\/b><\/p>\n

Well, it is-and it isn’t.<\/p>\n

It\u2019s 100% true that there are specific systems in place and ready to go for you-the franchisee.<\/p>\n

The technology you get access to (for the most part-it depends on the franchisor<\/i>) can give you a real leg-up on your local competition. But, technology is only one aspect of the franchise concept you\u2019re looking into. There are a few other things that will be \u201call set-up<\/i>\u201d for you. Like:<\/p>\n

Marketing<\/b><\/p>\n

Franchisors (generally<\/i>) know how to get their products and\/or services to market. There will<\/span> should be marketing plans in place\u2026very specific marketing plans, which are designed to spread the word about your business. Some of them are designed to get your phones ringing or your email inbox humming. Some marketing programs are designed to increase foot traffic. But, all of them are designed to bring in revenue.<\/p>\n

Templates<\/b><\/p>\n

Everything you need\u2026signage, business cards, stationary, handouts\u2026door hangers, just about anything you need to advertise your local franchise business should be ready to go. All will have the official franchise logo and contact information specific to you. Yes; that\u2019s all set-up for you-in advance of your Grand Opening.<\/p>\n

Not Everything<\/b><\/p>\n

Part of the attraction of the franchise business model is that you won\u2019t have to create everything you need for your business. That\u2019s pretty much the job of franchise headquarters. But, they can\u2019t and won\u2019t supply everything. There are bound to be several things that aren\u2019t set-up and ready to go. The best way to find out what these things are is to ask existing franchisees. Include questions about what the franchisor does and doesn\u2019t supply part of your research.<\/p>\n

Great franchise research must<\/i> include great franchise research questions<\/i>. You can find them here<\/a>.<\/p>\n

8. What Do You Know About Keys? <\/b><\/p>\n

Unless you\u2019re a locksmith, I\u2019m going to assume that you know as much as I do about keys.<\/p>\n

I don\u2019t think about keys much, unless I can\u2019t find them or they break in half.<\/p>\n

Another question: What do you know about \u201cTurnkey<\/b> businesses<\/i>?\u201d<\/p>\n

Have you ever heard of a Turnkey business<\/i>?<\/p>\n

If not, a Turnkey business<\/i> is (hypothetically<\/i>) a business in which all one has to do is write a check to a company\u2014normally a franchise company, and get handed the key. Key is then inserted into lock. Key is turned. Business is open. Customers appear. Cash (insert cash register opening and closing sound effects here, Evan*<\/i>) is collected instantly. Then, a few short months later\u2026<\/p>\n

\"expensive<\/p>\n

You\u2019re driving one of these. \u00a0And, you\u2019re hardly working.<\/p>\n

Do you know why<\/em>? Because you\u2019re the owner a Turnkey business<\/i>! You’ve bought a 100% ready-to-go business! And, it’s an instant millionaire-creator!<\/p>\n

No you haven\u2019t<\/em>. That\u2019s because there\u2019s no such thing, except in the sick minds of some marketing mavens who happen to be great wordsmiths. So, forget about it. There is no such thing. Don\u2019t fall for that term.<\/p>\n

*Evan is a buddy of mine that creates amazing sound effects for television shows. I\u2019m sending him this blog post in the hopes that he\u2019ll send me that sound effect-which I\u2019ll insert at a later date<\/i>.<\/p>\n

9. Only Real Entrepreneurs Own Franchises<\/b><\/p>\n

Should I state this gently or Joel<\/b>ly?<\/p>\n

I\u2019m going for Joel<\/b>ly:<\/p>\n

If you become a franchisee you are not<\/i> an entrepreneur<\/b>.<\/p>\n

The entrepreneur is the person who came up with the franchise concept<\/i>.<\/p>\n

Example:<\/b><\/p>\n

Ray Kroc was an entrepreneur<\/a>. Colonel Harlan Sanders was an entrepreneur.<\/p>\n

I need to tell you that not everyone is in agreement with me on this. My good friend, who also wrote the forward to my hardcover book, disagrees with me, big-time. We go round and round on the topic of whether or not franchisees are entrepreneurs on a bi-yearly basis. \u00a0Read what Rieva wrote<\/a>.<\/p>\n

In summation, there may be some<\/i> entrepreneurial things that you\u2019ll have to do as a franchisee. But, in general, don\u2019t plan on being able to use a massive amount of creativity when it comes to running your franchise.<\/p>\n

10. It\u2019s Not Negotiable<\/strong><\/p>\n

To officially become the owner of a franchise, you\u2019ll have to sign a multi-page document knows as the franchise agreement. This agreement is a legal and binding contract between you and the franchisor.<\/p>\n

Before I continue, please embed the next sentence into your internal memory cells:<\/p>\n

Hire a franchise attorney before you sign the franchise agreement.<\/p>\n

Embedded?<\/strong><\/p>\n

Good. Notice the words, \u201cfranchise attorney<\/i>.\u201d Notice that I didn’t write \u201cbusiness attorney<\/i>.\u201d That’s because I don’t want you to even call a business attorney. Call a franchise attorney. They specialize in…you got it…franchising<\/em>.<\/p>\n

Tip: Use The Franchise Attorney Directory<\/a> to find an attorney.<\/p>\n

Now, are franchise agreements negotiable? Most franchise attorneys tell me that there could be room for some creative negotiations. When I was a franchise broker, I was trained to tell my candidates that franchise agreements are non-negotiable. So, let\u2019s go with the invisible area between what my trainer said and what franchise attorneys say.<\/p>\n

The bottom line: If you don\u2019t ask you don\u2019t get. Have your franchise attorney ask for things to be changed that you\u2019re uncomfortable with. But, don\u2019t expect miracles. Remember, the franchise model is all about consistency. In the products, services, signage, brand colors, and yes, even in the franchise agreements.<\/p>\n

Bonus Myth! Franchise Business Loans Easier To Get<\/b><\/p>\n

They used to be a little easier to get. That was before The Great Recession, and The Great Credit Crunch.<\/p>\n

10 years ago, franchise buyers were buying franchises with their home equity lines. Not anymore; there\u2019s not much equity!<\/p>\n

Until recently, most banks were consistently looking for ways to say no to anyone that wanted to obtain a small business loan for a start-up business\u2026franchise or non-franchise. That\u2019s slowly changing, but small business loan approvals still have room to grow. I\u2019m optimistic that things will continue to get better on the loan front, but don\u2019t think that your loan will get approved faster\u2026or even get approved at all, just because you\u2019re buying a franchise. <\/i><\/p>\n

A tip: Make sure that the franchise you choose is right for your geographical area, is well within your means, and is a concept that won\u2019t quickly become yesterday\u2019s hot franchise.<\/p>\n

Finally, there is<\/i> one more thing that will usually increase your chances of getting your franchise loan approved.<\/p>\n

\"With<\/a>\"\"<\/p>\n

Dispel Them!<\/b><\/p>\n

I shared The Top 10 Franchise Business Ownership Myths That Need To Be Put Out To Pasture Once And For All<\/strong> because you are<\/em> going to run across them. You may see them in articles. You may hear them from franchise salespeople and franchise brokers and consultants.<\/p>\n

And, now that you know what they are, you\u2019re ready for them.<\/p>\n

Dispel them at every turn. And, focus on good, old-fashioned fact-gathering.<\/p>\n

That way, whatever decision you end up making comes from a place of confidence.<\/p>\n","protected":false},"excerpt":{"rendered":"

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