Fear can make or break you. The fear of failure drives many of the world’s greatest athletes to achieve incredible success. But it can also capsize the career of athletes who cannot manage the stress that comes with being on the big stage.
Likewise, fear frequently becomes a stumbling block outside of the playing arena. It can prevent you from stepping outside of your comfort zone, from making a career change or from exploring business ownership. Don’t let fear fence you in. Use it as fuel.
Franchise systems eliminate much of the fear associated with starting up a business because they have established, tried and true models. They have already tested and proven their concept, and have also established a customer base. Most importantly, they have developed marketing strategies and harnessed technology to support their business model and put you on a path to success.
Just as winning athletes harness anxiety and put that energy toward rigorous training and preparation to achieve top performance, winning franchisee candidates take a similar approach. Let’s look at how you can channel and use any anxiety to fuel a thorough investigation of the franchise options available to you.
- Pinpoint and define your fears. What do you find yourself worrying about? When you get specific about the potential circumstances that concern you, you can address them head-on. When you’ve got your list, we’ll draw up a game plan – a list of questions to ask and information to seek from the franchisor. For example, if the possibility of a failing business keeps you up at night, let’s make sure you get real data about how likely (or not) this outcome would be.
- Ask the difficult questions. How many of their franchisees have gone out of business in the past two years? Why did those units fail? What percentage of all units in the system have gone out of business since the company’s launch?
In addition to lessening your fear, thorough research will increase your likelihood of success. Use your fear to motivate you to gather as much information as you can. This will allow you to get as close as possible to certainty about the decisions you’ll make.
The biggest question facing franchisee candidates is usually: are you capable of executing the business model? Your due diligence will help you answer that question. Then you’ll find your goals will be in reach.
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