Plenty of people have considered going into business as a technology franchise owner, but many have been scared away as a result of common misconceptions in the industry. If you’re thinking about purchasing your own technology franchise, fear not! We’re here to dispel some of the most common myths.
Myth #1: You have to be super techy to own a technology franchise.
This is the most important myth in this particular industry because it’s a very common misconception that can turn great business leaders away from the idea.
In reality, the last thing you really need to be is techy if you are a technology franchise owner. Your job is to run a business and build your brand, which means the only thing you really need to know about technology is how to hire great people who live and love it. This is essentially true for any business and industry, and as long as you’re a business-minded individual who understands the importance of creating a reputable, successful company, you’ll do just fine with a technology franchise.
Myth #2: Everyone uses technology, so there can never be too many technology franchises.
A technology franchise is just like any other franchise in terms of being vulnerable to market conditions. Just because there are 100,000 office workers within a three-square-block radius of your location, it doesn’t mean people will come knocking at your door.
There’s a lot that goes into ensuring success with a technology franchise business. You’ll want to consider the following factors:
- Existing competition
- Hours of operation
- Distance your techs are able and willing to travel for service calls
It’s very important to analyze the market and understand the factors attributable to your possible locations. If the market is saturated with competition, even the biggest and best brand may not be enough to get noticed against already-established businesses.
On the other hand, if there is no competition in the area at all, that could signify another type of red flag, or it could be an awesome opportunity. It could be that the cost of doing business in the area wouldn’t be supported by the surrounding community, so others have passed on the idea. Alternatively, you may have found a hidden pocket that’s ripe for success.
Myth #3: All technology franchise businesses are the same.
Of course, this could not be further from the truth. There are many factors that contribute to each type of business, and you could never put them all in one box.
Here are a few of the elements that may help set various tech franchises apart from their competition:
- A Known Name. Business folks who invest in a well-known brand may have the upper hand against lesser-known names. It is important, however, to remember that a good deal of work must go into any business in order to make it successful, even if the brand is incredibly renowned.
- Type of Business. Various technology franchises can exist next to each other and still not be considered competitors, depending on the types of services or products they offer. Educational tech franchises, for example, typically help people learn how to best utilize their computers. They often teach classes and help people understand how to use various software programs.
Troubleshooting franchises, on the other hand, help their customers find solutions when they are struggling with tech issues.
If you are confused about the process or have further questions about what it means to be a technology franchise owner, check out the Nerds On Site information at Franchise Help! Have you encountered other tech franchise myths? Tweet your questions and stories to @nerdsonsite!