Thinking about joining a franchise? If you’re reading this article, it’s probably because you’re looking for that silver bullet that’s going to push you over the line and make you say “I’m ready!” to sign on the dotted line to invest in a franchise business or start your own.
It’s all about acknowledging your fears and finding the courage to take the first step.
Transition Fears
You’re probably worried about the transition you’ll be making if you decide to move forward with the franchise opportunity you’re interested in. It is not easy to shift from an employee to an entrepreneur mindset. Part of your fear has to do with the fact that you may fail to know how to do all the business operations tasks. The good news is that when you’re a franchisee, you’ll receive formal training on every aspect of your franchise business. It’s part of what you’re paying for. After the training, you’ll have the knowledge and the confidence you need to run your franchise business.
Financial Fears
All investments are somehow risky, that includes franchise businesses.
That’s why it’s important to:
A. Make sure you are financially ready before jumping in
B. Choose and research the franchises you’re interested in carefully and methodically
Doing those two things can help you lower your risk, but I guarantee you’ll still be fearful about losing money.
The best way to walk through your fear is by doing everything you can to minimize your financial risk, prepare for the worst by doing great research, and stay within your budget.
Fear of Failure
The most common struggle with franchise candidates is their fear of failure. Fear of failure can stop us in our tracks and fill our minds with worst-case scenarios. These irrational fears stop you from moving forward and being the best version of yourself. Remember, fear is not really a bad thing. It’s perfectly normal to have feelings of fear when you’re thinking about investing in a franchise. You just cannot let it rule your life or decisions.
A more effective way to make a decision on a franchise is to focus on facts and not your emotions. Fact-based decisions will be more successful in the long run.
Here are specific things you can do to ensure you’re making a good, well-thought-out decision before buying a franchise.
- Take the time to learn everything you can about franchising.
- Make a commitment to only look at franchises you can afford.
- Focus on franchises that offer an opportunity for you to use your top skills.
- Explore. That includes talking to 10 or more franchisees.
- Prepare a thorough and realistic business plan.
- Ask for help from the right people.
While it can be scary to become your own boss, there are effective ways to lessen your fears and increase your chances of success. Let me help you alleviate some of these fears for you. Take the first step, and schedule some time for a 15-minute intro call below. I’d love to hear your story and help you figure out if franchising is right for you!
Book a discovery call here: https://ksprouse.youcanbook.me/