I think it is safe to say that most people, at some point in their adult life, have thought of or have seriously considered owning their own business.
In fact, research shows that it’s estimated that there are upwards of 12 million franchise seekers in this country at any time, and roughly (and only) about 20,000 people actually invest in a new franchise in any given year. That’s less than 1%.
And, the #1 reason why the majority of those ‘franchise-owner dreamers’ didn’t pull the trigger on those impulsive thoughts of being their own boss is – the human emotion of FEAR!
There is an old saying that FEAR, as an acronym, means False Expectations Appearing Real. The Webster Dictionary defines FEAR as frighten, afraid, or apprehensive.
Whatever your definition is, it causes people to either not make a decision or make the wrong decision. In the case of people deciding whether to take the plunge of owning a franchise business, FEAR usually pushes most people away from the high diving board and back into the comfort of their pool-side lounge chair. It’s safer there sitting on the side-lines.
It’s understandable though - deciding to buy a franchise, in most cases, will be the biggest decision in anyone’s life. The two loudest FEAR factors screaming at you will be:
1 - fear of failure (no one likes being a loser).
2 - fear of losing money (like your life savings, your home, and possibly your retirement savings).
How do you overcome FEAR, uncertainty, and doubt (the FUD factor)?
I recommend two action items.
First, jot down all your motivations of wanting to own a business. Is it to make more money, have more control, have more flexibility or family time, to build an asset, to build a business to pass on to your children, and/or to be the business boss of everything?
The trick here is to get to the point of making your motivations stronger or more domineering than your FEAR. When you conquer and squash your FEAR, you win.
Second, gather as much information as possible on the franchise companies that interest you. Information is power. As you learn more about the business, you tend to slowly lose the FEAR.
You may decide not to go with the franchise (and that's OK), but it’s because you didn’t feel right about it. So, it was a positive, fact-filled decision, and one that was FEAR-FREE.
The Franchise Frog