The 3 F’s That Keep People From Pursuing Business Ownership - Part 1: Fear
In the world of franchising, fear is a common but conquerable obstacle. Here's a concise, bullet-point summary of key insights from the "What's Your Next" podcast episode on tackling fear when buying a franchise:
Defining Fear: Often, fear is simply 'False-Evidence-Appearing-Real.' It's a natural part of the franchise acquisition process.
Common Fears:
Security Loss: Transitioning from a stable job to being your own boss.
Fear of Failure: Worrying about not succeeding in the new venture.
Debt Anxiety: Concerns about borrowing money or financial loss.
The Unknown: Entering a business area with no prior knowledge.
Personal Experience from Hosts:
Faced fear when choosing between different franchise sizes.
Concerns about failure in food service, despite a proven franchise model.
Ultimately, the decision was driven by factual considerations, not emotions.
Overcoming Fears:
Good vs. Bad Fear: Use fear as a motivator, not a deterrent.
Seek Education: Base decisions on data, logic, and facts.
Utilize Frameworks: Use structured approaches like the 'six Ps' for informed decisions.
Do Your Due Diligence: Learn from existing franchisees about their experiences.
Additional Advice:
Educate Yourself: Read books, listen to podcasts, and learn from successful business owners.
Understand Your 'Why': Align your personal goals with the franchise choice.
Remember Franchise Benefits: It's a system to be in business for yourself, but not by yourself.
The episode highlights that fear, while natural, should not be a barrier to pursuing franchise ownership. These fears can be managed and overcome with the right approach, education, and mindset. Stay tuned for more on funding and familiarity in franchising!
What's Your Next? - Podcast
 | Author BioI’m Stacey Riska aka “Small Business Stacey”, your franchise placement specialist. I help aspiring business owners find the PERFECT franchise so they can get to the next level in life and business. |
