Three myths about franchising that are totally wrong
Get ahead and don’t be fooled by these myths about franchising.
There are a number of reasons why people enter the world of franchising. The benefit of joining an established brand, and the luxury of being your own boss, are just a few perks. However, there are a number of misconceptions and myths about franchising, often circulated around the industry and in the media, which don’t always paint the full picture.
It’s important to remember that each franchise system operating within the franchising industry is different. Consequently, each franchise system will have a different way of how they incorporate franchisees into their network, and how they treat them. At our company, we know our own model can put these rumours to bed.
Here are three myths about franchising that are totally wrong:
Myth 1: You won’t have input into product selection
People often assume that joining a franchise means their decision-making power and input into important product purchases is taken away. On the contrary, many franchisors rely on the valuable feedback from franchisees in terms of what products are or aren’t popular. At the end of the day, the franchisee is the one working on the store floor, dealing with customers’ day in and day out. A smart franchisor would take advantage of this valuable insight, and use it to improve the process of selecting products.
Our franchisees are encouraged to join what’s called the Merchandise Advisory Council (MAC). The MAC meets once a quarter and is responsible for all product-related decisions. Bedshed also hosts biannual buying trips, which visit destinations across Asia including China, Malaysia and Vietnam. The trips are open to any franchisee who’s interested in taking part in product selection.
Myth 2: Your work/life balance will be dictated
When you become a franchisee, you also become your own boss. This leaves a lot of room for people to be flexible in terms of their working hours. While it’s no secret that owning a successful franchise requires hard work, particularly in the initial stages of opening a store, prospective franchisees should consider how many hours they will need to work to develop their business when comparing franchise opportunities
Most good franchisors work with franchisees to ensure the proper processes are in place to enjoy a healthy work/life balance. This includes staff development and training and building the right business structure, so the franchisee feels they are in a position to be able to take time out when they need to.
Myth 3: Marketing and advertising decision making is something you can’t be a part of
One of the good things about joining a franchise is some things are taken care of for you – for example, marketing and advertising are often run from a company level. However, franchisees still have an important role to play in the ongoing decision making process. Input from franchisees into significant macro business decisions is invaluable.
Most franchisors have their own way of incorporating franchisees in this process. At Bedshed we have the Franchise Advisory Council (FAC), which similar to the MAC, meets once a quarter, and contributes to business decisions on everything from operational matters and customer feedback, to promotional advertising campaigns.