Fear of failure is the number one reason people don’t take a chance on a life better than the one they are currently living. Whether it’s a moderate level of fear or full-blown atychiphobia, fear of failure prevents a lot of people from improving their current situation and living the life they were always meant to live.
Rarely do I work with a franchise candidate who doesn’t feel some level of fear when considering a new life as a franchise business owner. I’d be alarmed if they didn’t feel a little anxiety. A healthy level of fear keeps people motivated to stay focused on achieving their goals. However, when the fear of failure keeps people in a status quo that is no longer meeting their expectations for themselves, that’s a problem.
Franchise business ownership isn’t without its challenges, but when it comes to supporting the franchise owners on a path to success, it has a lot to offer.
A proven model of success. Franchise businesses offer a proven concept with a detailed roadmap showing how to succeed with their concept. Franchise owners don’t have to deal with many of the challenges independent owners have to overcome; because the franchisor has already worked through those challenges and created a foundation for success. That’s why prospering as a franchise owner doesn’t require candidates to have a background in business ownership. You can succeed by following a franchisor’s proven model.
Unparalleled levels of support. Along with a proven concept, franchise systems have teams of people dedicated to helping franchise owners along the way. That includes support from their real estate division for selecting a business location, lease negotiation and store build out. It may include securing financing either in-house or with third-party support, help with marketing, operations support, initial and on-going training. Support is accessible online, by phone and in-person with local, regional and national support.
Peer engagement. Franchise owners not only get support from the franchisor, but also from the network of other franchise owners in the system. Many franchise systems recruit successful franchise owners to mentor new franchise owners through advisory boards and other avenues. It allows for new franchise owners to discuss issues they face with others who have already been there along with learning best practices on how to work successfully within the franchise.
Skill matching. Many people mistakenly believe that the key to succeeding in a franchise business is having an affinity for the product or service the franchise sells. In fact, franchise success has more to do with how well a franchise candidate’s set of skills match up with the skills required to run the franchise. With more than 3,000 franchise brands currently being awarded, there is a franchise for practically any skill set. Some franchises look for people with great sales skills. Others want people who are good at managing projects. Some want people who thrive when working on their own and others who excel when directing teams. Whatever your skill set, there’s a good chance there is a franchise that is right for you.
You’re not in it alone. Franchising Godfather Ray Kroc famously said, “None of us are as good as all of us.” He proved that while franchising McDonald’s and it’s still true today. No matter where you are in the franchise process, someone is available to help you succeed. Owners who have been in their franchise system for decades still regularly rely on the franchisor and their peers for help when new situations arise. No matter what you face as a franchise business owner, the franchise is there to help you along the way.
Ready to work past your fear and see if franchise ownership is right for you? Give me a call.