A solid piece of advice that a financial planner will often provide is to, “Make your money work for you.” Typically, that can mean investing in the stock market or into a business venture. Fast food franchises have become reliable sources of income for many investors. If you’re looking to start your own business, you might want to start with an investigation into franchise opportunities. Perhaps the following myths have been holding you back? Time to bust those myths!
Myth #1: I Can’t Afford Fast Food Franchises
Do you know how many businesses start out with a business loan? When approaching a bank for this type of loan, you might find that they are more open to fast food franchises than a business that is starting from the ground up. That is because they know as a franchise owner, you’re going to get an amazing amount of support and resources from the parent company.
Myth #2: Buying a “Hot” Franchise is the Only Way to Go
You can look at the list of top five fast food franchises 2015 and see some very familiar names. Does this mean those are the only franchises you should aim for? Absolutely not. Just because something is hot in the moment doesn’t mean it will always stay that way.
A better approach would be to invest in a fast food franchise that appeals to your lifestyle and budget. For instance, if you live in a beach community with year-round customers, then maybe a Marble Slab Creamery could be among the greatest fast food franchises for you.
Myth #3: Opening a Franchise Means I Won’t Have Any Time For Myself or My Family
While it’s true that a franchise business is going to require you devote a lot of time and energy, the goal is to make it self-sufficient. You want your staff to be able to handle the business without you looking over your shoulder all the time. Thankfully, the franchisor will provide all the training you need for your staff which gives you more time for yourself and your family.
Myth #4: I Need a Business Degree to Run a Business
Go through your neighborhood and ask the business owners how many of them have MBAs. You might be surprised that there aren’t a lot of degree holders among them. Graduating from a business school will certainly provide you with a solid foundation, but nothing beats good old fashion “learning on the job.”
Remember with fast food franchises, you won’t be alone. You’ll always have the support from the franchisor. That holds true for everything from rental agreements to picking vendors and managing payroll.
Myth #5: I Need to Be Passionate About the Franchise
Are you passionate about your current job? Is it the career you dreamt of your whole life or is it a way to pay the bills? Passion is a great thing to bring into any business venture but that shouldn’t be what you lead with. You want to approach the purchase of a franchise by weighing all the pros and cons. Owning a franchise is an investment that requires hard work and doesn’t always involve your favorite hobby.
Visit our website to learn more about how you can become a franchisee with Marble Slab today!