Halloween is almost upon us and that means all the scary things that haunt your nightmares come into the real world to torment you. (Also, kids getting lots of candy, but we’re here to concentrate on those scary things.)
For people who dream about entrepreneurialism, one of the things that can be a hindrance to taking the leap is plain old fear. Starting a business is a frightening prospect, there’s no doubt. You are taking a risk not only with your own money, but often other people’s money, too. That kind of pressure can and does get to people and keeps them from taking that first step.
Let’s look at four fears that people have about starting their own business and how a franchise can help them get over those fears.
1. Fear of Failure
Not exclusive to business ownership, fear of failure stops people from doing many things. Technically there’s nothing a franchisor can do to stop you from being afraid of failure, but joining a franchise can make you less afraid. You’ll be joining a system that has been proven to work over and over again. If you follow the system, you will increase your chances of success.
2. Loss of Money
Tied to a fear of failure is the fear of losing everything and in this case, that is mostly tied to money. If your business goes under, it could cost you all the money that you’ve put into it and often that money isn’t even yours. It belongs to other people or some kind of financial institution. As with the fear of failure, there’s only so much a franchise can do to put your mind at ease when it comes to losing money. Some franchises actually provide funding themselves, while others have partnerships with preferred financial institutions.
But here’s where franchisors really help out in this area: Just like you vet them before joining, they do the same with you. If a franchise has any doubt about your future success as a franchisee, they will politely let you know that they are not offering you a franchise deal. That may sound harsh, but it’s to your benefit. They want you to succeed because if you succeed, so do they. By not bringing you on board, they are potentially saving you from losing everything in a business-ownership-gone-wrong scenario.
It also frees you up to move onto a different franchising opportunity that will be more suited to and for which you will have a better chance at success.
3. Aversion to Risk
Regardless of whether you start a business with a franchisor or you go it alone, there is risk involved. However, the risk you face when you’re a part of a franchise is substantially less. It’s not zero, but it’s also not as high as if you were to start a business alone. You have the backing of a recognized brand, a proven business operating system and partnerships with suppliers that are often already in place. Group buying power, business coaching and advice, ongoing support and training and ready-made marketing and promotional materials are also things you get when you join a franchise.
4. Dread of Loneliness
Starting a business can be a lonely endeavour. With long hours for the first couple of years, you can inadvertently become alienated from friends and family and feel like you don’t have anyone who truly understands what you’re going through.
When you join a franchise, you join a whole franchising family. Your fellow franchisees have all been there and done it and they’re all in the same boat as you. You can turn to them for advice and support during the arduous journey of getting your business up and running. Similarly, your franchisor will be there to answer any questions you have and you can always count on them to listen to any concerns you have. You’re never alone when you’re part of a franchise.
There’s no doubt that starting a business is scary, but you don’t have to be too frightened to do it. By joining a franchise, you make things a little easier on yourself. Speaking of joining a franchise, sign up for a free FranNet franchise search and consultation today and we’ll make the whole process even less scary by finding you the right franchising fit.