As many as 40% of people cite fear of failure as the reason preventing them from starting their own business.
If you fall into this category and want to start your own franchise business but are scared of taking that step, you aren’t alone.
Booming business opportunities
The North American business world is a magnet for entrepreneurs and new business ventures. We have the opportunities at hand, the capital at our disposal and a high degree of expertise that can help new business owners succeed.
In fact, according to the Global Entrepreneurship Monitor 2016/17 Report, entrepreneurs around the world are respected and regarded with a high status, being seen across the media as people who have made wise career choices.
Fear of failure is common
That high regard may be seen as a positive, but it doesn’t eliminate people’s concerns when it comes to making the leap to start their own enterprise.
In the USA, over 11% of people plan to start their own business within the next three years (see “entrepreneurial intentions” in the chart below.) But 67% of Americans also say that fear of failure may be holding them back – even if they dream of being a business owner. Some of those people may fall into both categories – planning on starting a business, but still being intimidated by failure – and that can result in businesses that never quite get off the ground running.
Are these possible entrepreneurs blocking themselves from making their dream happen?
North of the border in Canada, the story is similar. 14% of Canadians intend to start a business within the next three years, but still over 60% of people may have the fear of failure.
Every entrepreneur has roadblocks on the way, and this may be the first of many. If you’re going to be successful in business, you’ll need to find a way to face this one head on…
Facing your fear…and demolishing it
Leaving the corporate 9 to 5 to start your own franchise business can be a big step, but if it’s one that excites you with endless possibilities, you’re on to something. Don’t let fear or anything else hold you back. Business owners must be bold, take on challenges and battle through obstacles. If your gut is telling you that you’re ready for the next step, take action and go for it.
In the franchise business world, there are initial steps you’ll need to go through to discover which opportunity suits you. We’ve outline three of the top steps below that will get your mental engine running as you narrow down a decision on which business you’ll open.
1. Talk to the experts
Every quality franchise business will have a dedicated resource to talk with to give you straight-forward information and facts. You need objective person-to-person conversation to make sure you’re exploring the right direction.
We make sure every new potential franchisee goes through the right steps. If they don’t fit into our business model, then they won’t be successful and happy – and that won’t help the overall business either. Make sure any franchise opportunity you are investigating goes through a thorough process with you, and that they appreciate you do the same in return.
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2. Talk to franchisees in the system (and in the competition)
Who better to talk to than the pros that are already in the business? Ask them the hard-hitting questions such as:
- What are their main challenges day after day?
- Would they do it all again if given the opportunity?
- What could they do differently to ensure their success?
- How does the corporate office support their franchise?
You’ll get more insight from these conversations, and many existing franchise owners will be more than happy to tell you all about their experiences. After all, they were in your shoes at one point, too.
3. Self-evaluate: Are you cut out for this franchise business?
Take a look in the mirror and analyze your past performance versus your future potential. Do you have what it takes to make this new venture a success?
Not every franchise is well-suited for each entrepreneur. For example, retail and food franchises can require a different skillset than professional services, even though some skills will no doubt overlap.
Those differences in industries, clientele relationships, product offerings, service offerings and the general business model can make a major impact on your success rate. Part of your initial investigation should be a self-evaluation compared to all the skills you know will be required to make this new franchise a success. If you’ve got what it takes, then you’re well on your way.
After talking to the experts, existing owners and taking the time to match your own abilities to the franchise opportunities, you’ll have faced that initial fear and be one step closer to running your own business.