I ain’t afraid of no franchise!
Fear of franchising comes in may forms. You may not even know it. We all have different ways of coping.
There are several common fears people have about getting into business. Franchising can help mitigate them, but there are other factors as well.
I don’t want to fail– fear of failure is real. No one wants to fail, but typically most people fail at something. You just don’t want to have to do it publicly. Failing at a business is pretty public.
I might embarrass myself- this one usually stems from the fear of failing. But sometimes it is even in the process of purchasing a franchise. People wonder if they have enough money, if their credit is good enough or what if they can’t cut it in training.
I might lose my money. Many people have this fear. Some worry that they will just lose their upfront investment, others worry that they will lose everything.
Fear of choosing a bad franchise system—or one that isn’t right for them. How do you know if they are any good? How can you protect yourself?
My friend lost all their money in franchising-it’s a scam. To be sure, people have lost their money in a franchise. But there are many franchises that have been quite successful. From McDonald’s to Dunkin Donuts to Servicemaster, there are many types of franchises. The integrity of the franchisor, the quality, the training and the support all go into making a franchise successful.
All of these fears can seem real. But as the saying goes, you can FORGET EVERYTHING AND RUN or FACE EVERYTHING AND RISE. Let’s face it, there is no such thing as a sure thing. Rewards come from risks. If you aren’t getting where you want to be based on where you are today, making a change may be exactly what you need. But how to break through the fear.
Mitigating Your Fear of Franchising
1)Get real with yourself. What are your strengths and weaknesses? Really. Will you cold call? Can you get our from behind the desk to make appointments? Are you good with numbers? Can you manage and lead and empower people to succeed? Don’t say what you think people want to hear. Be brutally honest with yourself. There are many types of franchises, and not everyone is right for each one. Knowing your strengths and weaknesses will increase your chance of success.
2)Be willing and able to follow a system. Franchises are not for people who want to go it alone, change the system or are challenging everything that the Franchisor tells them. When I was on the Franchisor side, the people who followed the system to a “T” were the most successful. We could even tell when our superstars deviated, and after a quick call, could get them right back on track.
3)Be willing to ask for and accept help. The franchisor has been successful. They know how to make it work. If you keep reaching out for help, listen and implement, you greatly increase your chances of success.
4)Get help in making your choice. This one seems self-serving to me, but the reality is, I have helped people who thought they wanted a retail location, but their life goals were for more flexibility. Or sales franchises and they didn’t like meeting new people. A franchise consultant can help you sift through that type of thinking and help you find the right franchise.
As I said, there is no such thing as a sure thing. But in my experience, the people who are honest with themselves, humble about what they don’t know and willing to accept help, are often the most successful.
Want to know more about getting into a franchise business? Contact Mariruth Kennedy.