When deciding to invest in a franchise opportunity, it is important to separate fact from fiction.

Becoming a franchisee can be a very rewarding and lucrative business opportunity. However, many misconceptions exist about how to choose a business, how to be successful and how to deal with franchisor relationships. These myths, unfortunately, dissuade many from investing, Entrepreneur magazine writes.

Many potential investors have been told that they will only be successful if they find the right business - one that usually coincides with their background and experience. However, interested franchisees should define “right” in terms of what they are good at, such as management, delegation and marketing. With these transferable and valuable skills, investors can be successful even in areas outside of their comfort zone.

Franchises require creativity - rather than stifling it. While a franchisor provides the basic system for success, franchisees have control over management, the hiring process and regional marketing. Additionally, franchisees are encouraged to submit suggestions to parent companies, the magazine writes.

Franchisees should also realize that competition is a good thing, strengthening business operations and service, StartupNation.com reports. It also brings in customers by attracting more attention and boosting demand.

The Liberty Tax Service franchise opportunity is #9 on the fastest growing franchises list of the 2010 Entrepreneur “Franchise 500.” Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!