3 Fears everyone has about franchising and how to get past them
Franchise ownership is a rewarding venture, but that doesn’t mean there aren’t risks attached to those rewards. Many people worry about how life will change and whether they will succeed when buying a franchise. If these worries have ever crossed your mind, you’re far from alone.
Despite the worry of risk being present in your path to franchise ownership, it’s important to look past those fears, so you can continue on your journey with gumption. Here are three common fears you’ll likely experience and how to allay them.
1. Fear of Personal Failure
When you buy a franchise, you’re putting your good name behind it. You’re both the brawn and the brains when it comes to getting set up in your niche.
To allay this fear, lean into the resources you have available through franchise ownership. The difference between franchise ownership and a startup business is that you have a tremendous trainer working alongside you to help prevent you from failing. Although failure is possible, with hard work and joint effort, it’s not as big of a risk as other ventures you could pursue.
2. Fear of Going in the Red
Starting a franchise requires an investment up front. You must pay the franchisor, invest in capital (in many cases), rent, and other expenses. This high upfront cost stunts a lot of people on their path to ownership because they worry about going so far in the red.
To allay this fear create your financial plan before buying. Decide how much of your personal money you will invest, how much you can expect in expenses, and how much you can expect in revenues after you get started. Talk to other franchise owners and your bank to determine what your finances will look like. The clearer picture you have, the easier it’ll be to alleviate these fears.
3. Fear of Letting Your Family Down
You’re not the only one buying this franchise. Your family is too. Even if they never lift a finger to help with managing the franchise, they’re a part of it and it makes sense that you don’t want to let them down.
To allay this fear, talk openly with them about what to expect. Will you be gone a lot of hours (especially in the start-up months)? Talk to them. Will you need their support in certain areas? The more openly you start to discuss what life will look like after buying the franchise, the easier it’ll be for them and you to embrace the new changes, so you won’t feel like you’re letting them down.
Don’t Let the Risks Stand In Your Way
Whenever you start a new business, whether it be a franchise or one from scratch, there are risks. As you anticipate what your life will look like as a business owner, allay these fears by leaning into the benefits of franchise ownership. Personal failure, financial loss, and disappointment to family members aren’t impossible, but they are less likely because of the support you get from the franchisor. Lean into the fears and use them to fuel your journey, keeping you on track and postured for success.Back