TES Insights
Dispel Franchise Myths to Achieve Growth
Franchising is not an “F” word. It’s a powerful vehicle for entrepreneurial success, but to generate franchise awards and grow our brands, we need to separate fact from fiction. By dispelling common misconceptions, we can find valuable franchise partners and fully leverage the advantages this business model has to offer.
State of Our Workforce
Toiling away in corporate America is leaving workers battered and bruised. Lack of job security, stagnant wages, and limited upward mobility is resulting in disturbing trends. Nearly 77% of the global workforce is simply going through the motions and doing the bare minimum on the job, according to Gallup’s latest State of the Global Workplace survey. Employees who are “quiet quitting” or actively disengaged feel disconnected from their workplace and are coping with high stress and burnout.
Current workplace trends are prompting people to reimagine their careers and search for new opportunities. A staggering 70.8% of the United States population desires to be self-sufficient, but only a small percentage know how to achieve their dreams. Franchising may be the answer for many of them. A report from Guidant Financial revealed that nearly half of franchise owners added a new location in 2022 and are happy about their decision to invest in a franchise.
The economic climate is primed for franchising, but finding partners can still be challenging. The Entrepreneur’s Source® teamed up with the International Franchise Association to help dispel the myths keeping you from your next franchisees. Hosted by The Entrepreneur’s Source veteran, Tamara Loring, the webinar shed some light on the current state of Americans who want to be self-sufficient but are scared to death about being self-employed.
‘F’ Words Impacting Your Franchise Awards
Franchising has long been recognized as a compelling avenue for entrepreneurial ventures. But seekers do not want a high-pressure sales pitch. They are searching for a collaborative partner. Rather than being so quick to disqualify candidates you don’t think are serious contenders, determine if a perception or emotion makes them unsure about owning a franchise. Dispelling these myths will help you prevent the “F” words impacting your franchise awards from taking root.
FRUSTRATION: Many candidates believe finding the right business will make them successful, and they’ll know the right opportunity when they see it. There are more than 4,000 franchise brands in the U.S. Finding the right opportunity can be a frustrating journey. It is crucial to identify how your brand can help them achieve their financial and lifestyle goals.
FINANCING: One prevalent myth surrounding franchising is that it is exclusively reserved for the wealthy. This couldn’t be further from the truth. While some franchises require significant upfront investments, a wide range of options are available to suit various budgetary constraints. Being upfront about investments and financing options should be a priority.
FEAR: There’s a common misconception that franchisees have no control over their businesses and are mere puppets of the franchisor. Ensure your leads know that you strongly emphasize collaboration and shared decision-making.
FAILURE: Many people believe most businesses go belly up, and they are afraid of failing. Helping candidates understand the benefits of following a proven franchise system that’s already smoothed out the bumps and potholes will enable them to be successful.
FRIENDS and FAMILY: Often, fear and uncertainty from family and friends prevent potential partners from achieving their dreams. Involve the family in the process of discovery and address their concerns to build confidence.
To learn more about how you can achieve your franchise growth goals and recruit top performers, visit www.entrepreneurssource.com, or check out our guidebook, “Your Career Revolution: Reimagine and Reclaim the Life of Your Dreams.”