Myths of Franchising in Ireland

1.  Ireland is a too small market for Franchises to co-exist

The franchising business in Ireland is growing at 12 per cent per year. This shows the market is still at nascent stage and has opportunities to grow within. Given that Irish people spend over €2.4 billion on sports and fitness related activities every year, we at Energie are eager to tap on this market with our low budgeted gyms this year The Irish Franchise Association reckons that the franchisors are generating annual sales of €2 billion in Ireland, which proves there is never enough in the Irish Market and now is the right time to own the franchise.

2. Franchises are failures if they don’t achieve break even in few months

The ROI is the primary concern, which every person who decides to own a franchise needs to know. Being eager to break even is common for every franchise owner; however targeting to get the ROI in few months of starting the franchise is not practical for every business model. It is during the know-how phase you agree to a realistic ROI and its term before you start the business. Identifying the right Master Franchise will hand hold the process through out your journey and ensure you achieve the target on time.    

3.     Franchise means long hour and sleepless nights

Fear and stress are the reasons why you would hear the above myth from people. When you choose a franchise opportunity that’s right for you, the fear and stress will cease to exist. There is nothing called too many questions, know what is in store for you, know what you would be signing up for before you sign the dotted lines. A well-informed franchise would reap the benefits early in the business cycle.

4.     Franchises doesn’t require local knowledge if franchise model is successful.

Any business requires dedication and localisation to meet the demands of the market, which can be achieved only after studying the market area before the franchise is declared operational. The franchise provides the benefit of brand and its operation, however the understanding of the market you intend to operate will give you the success you aim for.

5.     Success is guaranteed

Survival among independent businesses and franchises appears to be similar, as they have similar age distributions. However owning a franchise gives you a credibility of the brand name along with the additional support of getting into business. Most of the franchises especially like our Energie groups give you the bargaining powers in the market where you might not succeed as an individual player as they have their credibility to be utilised.

6.     Franchises are for entrepreneurs only

Franchises are for people who are passionate about what they do.  We have had success stories from people who were corporate slaves and found themselves liberated and highly satisfied with the decision of being the franchise owners. The skill-set of entrepreneurs might be useful, but we believe it’s not the mandatory skill you have to associate with regards to franchise operations. In fact the corporate skills might add value in people management, which is the key essential factor, is running a successful franchise