If you thought money, time, or education – nope.
The number one reason you won’t buy a franchise or start a business this year is you. Yes, you are the only thing stopping you. More clearly, your fear is stopping you. Whether that is a fear of change, a fear of losing financial security, a fear of not being good enough, or a fear of failure. If you want to buy a franchise or start a business in 2024, and you don’t do it, it will be because you chose to allow fear to stop you.
Read that again if you need to. Then decide which fear is holding you back.
Fear can be a powerful emotion, capable of holding you back from pursuing even your most passionate dreams, like becoming your own boss, or starting a legacy by buying a franchise.
We help people pursue the dream of franchise ownership every day. Here are the most common fears we see.
Fear of the unknown: Buying a franchise involves venturing into new territory, which can feel daunting. Fear of the unknown can make you hesitate, as you may worry about the risks and uncertainties associated with starting a new business. However, it's important to remember that successful franchise systems provide comprehensive training and support to help bring the unknown to light.
Fear of losing financial security: Investing in a franchise can require a significant financial commitment. Fear of financial insecurity can hold you back, as you worry about the potential for failure and losing your investment. With thorough research, a solid review of financial projections, and solid advice from professionals you can mitigate any irrationality in these fears and make an informed decision.
Fear of lack of experience: You might hesitate to buy a franchise because you believe you lack the necessary experience or skills. However, you learn new skills every single day. Many franchise systems are designed to support franchisees with comprehensive training programs, ongoing guidance, and established business models. Evaluating the skills required and matching it with franchisor support can help you overcome this fear of inexperience and gain the confidence you need to succeed.
Fear of failure: Fear of failure is incredibly common. It’s often the number one thing that will prevent you from taking risks. Buying a franchise involves stepping out of your comfort zone, and the fear of not being able to meet expectations or achieve success can be paralyzing. However, it's important to remember that failure is a part of any entrepreneurial journey. Have you heard the term fail forward? This means you can fail – but not to your own detriment. With proper research, planning, and support, the chances of your success can be greatly increased.
Overcoming your fears is possible with the right mindset and solid support. It's important to thoroughly research your franchise opportunity, seek advice from professionals, and connect with current franchisees to gain insights and alleviate concerns.
Remember, pretty much every successful franchise owner has faced and conquered the same fears, and you can too!
