The Fear Factor of Buying a Franchise Don’t let fear stop you from reaching your goals!
Why do people go through the whole process of looking for and finding a great franchise opportunity and then back out at the last minute? The answer is “fear” and it is the one factor most likely to prevent a potential franchise buyer from moving ahead with a franchise purchase.
Buying a franchise is one of the biggest decisions you will ever make so feeling fear is not only normal, it is entirely appropriate to the situation. The only problem with fear is when you allow it to stop you from doing something you know will make a positive difference in your life.
Who has fear? Everyone! Fear prevents us (most of us, anyway) from jumping out of a moving car or going over a waterfall in a barrel. Fear helps us make choices that are less likely to endanger our lives. Fear also prevents us from gambling our life’s savings on a horse race or marrying someone we’ve known only a few days.
However, when we feel we have enough information about a subject, we can often get over fear and do things that are beyond our comfort zone; hence the reason some people sky dive or bungee jump.
According to Susan Jeffers, author of Feel the Fear and Do It Anyway, when fear or anxiety crop up during the decision making process, you need to ask yourself if the feelings are caused by:
1. Fear that you can’t handle the new situation
2. Or doubts because you don’t feel you have enough information.
The second answer is easier to deal with. If you have doubts about a course of action you want to take, make a list of all questions you have and then find the answers. If, however, you are dealing with internal fears, you will need to come up with an internal solution.
When you feel fear, the first thing you need to ask yourself is what information do I need in order to feel comfortable. Then you can proceed with gathering this information along with asking questions of the franchisor. If the answers are satisfactory, then you should accept the fear as something that will go away and move ahead with the purchase.
There are times when just having the facts are just not enough. What happens when the franchisor has answered all of your questions but you still can’t calm that little voice of doom inside your head? Here are two suggestions to deal with this:
1. Do a lot of reading about marketing so you can develop a sense of what it takes to be successful. Project yourself into the franchisee role by thinking about sites, managers, staffing and marketing. If you do your homework and feel confident you can kick start your business, fear will soon be replaced by excitement.
2. Make a minimum of ten validation calls to existing franchises. This will help you understand all the possible land mines in the process and will also allow you to connect with franchisees whom you may be able to use as role models and mentors. If you do your homework and are willing to put in the time and effort to give the business a great start, the fear will go away. Then the question won’t be, ‘Will I fail?’ but, ‘In what month will this business be successful and what can I do to make this happen sooner?’”
Hedging Your Bets
One of the reasons people chose buying a franchise to make their foray into the world of business ownership is most likely because they understand that a franchise provides many important benefits it would take them, as an independent business owner, months or years to develop, such as a proven operations system, recognizable brand name and marketing expertise. They’ve already improved their odds of success as a business owner by acknowledging these benefits and deciding to work within a supportive system.
If you are one of those people who has done your homework and found the franchise opportunity you’ve always dreamed of but can’t seem to commit to a decision, then the final doubts you have are probably about your own abilities rather than the franchise itself.
And this is where a qualified franchise consultant can help you. By assessing your interests, skills and experience, a consultant can guide you to a decision where risks are at an acceptable level and the benefits, while not certain, are well worth the effort.
