Rick Bowman of Imprint In Time talks with StartupNation’s Rich Sloan about common myths people buy into when considering becoming a franchise owner.
In reality:
1) Bigger does not always mean better
- Bigger does not always mean quality
- Make sure you have ample support from the franchisor
2) Don't be afraid to be the first franchise in a system if it is a solid investment
- Evaluate the business model
- Make sure the business model has been implemented successful and not just a concept
3) A protected territory does not always mean no competition
- Competitors can still enter a territory
- A restricted territory also means boundaries for you unless there is an unrestricted e-commerce option
4) A popular product or model does not always ensure success for all franchisees
- Evaluate a franchise based on market need not just on a popular plan or business model
- Choose a sustainable produce or service that has long-term potential