If you’re in the process of deciding whether you want to invest in a dental practice, then you’re probably considering the pros and cons. However, it’s worth noting that there are several drawbacks to buying a franchise that is common misconceptions. Don’t let the following franchising myths deter you from considering a possible investment in starting your practice.
Franchisors Only Care About Collecting Franchise Fees
There are many people out there who think that the concept of franchising is just another way for big businesses to make more money. However, this is not the case—franchisors are interested in ensuring their franchisees don’t fail. After all, any failures experienced by their franchisees will reflect poorly on the franchisor’s brand.
It’s why a good franchisor will implement a comprehensive training system to help prepare their owners. You’ll also notice that many franchisors provide a robust support system to their owners, giving them many channels through which they can receive guidance and access to resources regarding all aspects of their business.
Running a Franchise in Dentistry Will Require You to Sacrifice All Your Free Time
Many potential investors worry that they will automatically have to put in 70 to 80 hours of work every week. This misconception can be true when starting a business from scratch, but it’s typically not when opening a franchise. Franchisors have business models that have been fine-tuned to the point where they have minimized trial and error, thereby ensuring that your franchise’s startup and continual operation are as efficient as possible.
You’ll Have No Flexibility in How You Run Your Franchise
Yes, a franchise will have an established business plan in place that you will have to follow—and for a good reason, it’s been proven to work. However, there is still plenty of flexibility in the way you run your franchise. At FLOSS Dental™, we don’t tell you how to practice dentistry.
For example, at FLOSS Dental™, we welcome input from our owners, and we give you a chance to share your ideas about running your practice—ideas that may very well be implemented.
Investing in a FLOSS DENTAL™ Is Too Expensive
When it comes to starting a practice from scratch vs. investing in a FLOSS Dental™ practice, a FLOSS Dental™ practice is generally more affordable to get off the ground. We’ll be able to give you an idea of how much money you need to invest, whereas the costs of starting your practice could fluctuate wildly due to variances in your original business plan. Not to mention that we’ll have connections with various vendors that you can take advantage of via nationally contracted discounts on products and equipment.
Secondly, it’s much easier to not only obtain financing but do so on beneficial terms if you’re investing in a franchise. Many lenders won’t give you a loan of any kind if you’re starting your own business from scratch as it’s often seen as too big of a risk, but lenders can be more willing if it’s an established franchise instead.
These are just a few of the most common myths surrounding franchise investment. If you’re interested in starting a franchise with FLOSS Dental™, now that these myths are debunked, then be sure to contact us today at 888-998-2860 for more information about our franchising opportunity.