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The Fear Factor of Buying a Franchise

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”. The fear factor of buying a franchise is the one thing 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. Feeling fear is not only normal, it is entirely appropriate to the situation.

The main problem with the fear factor is that it often stops you in your tracks. It then also stops 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. It 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.

Information Dispels Fear

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.

What Causes Fear?

According to Susan Jeffers, author of Feel the Fear and Do It Anyway, fear or anxiety often crop up during the decision making process. When it does, ask yourself if the feelings are caused by 1) fear that you can’t handle the new situation or 2) 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, the answer is simple. 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 dealing with fear it is imperative to remember that the decision making process is not fool-proof. Sometimes we become focused on making the “right” decision or we fear making the “wrong” decision when there really is no such thing.

You can make your validation calls and write your lists and ask your questions but making the final decision still requires a leap of faith.

Hedging Your Bets

There are many reasons people choose to buy a franchise as their foray into the world of business ownership. One of the most important is most likely because they understand that they don’t have to do it alone.  A franchise provides many important benefits it would take them, as an independent business owner, months or years to develop. Things like 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.

You’ve done your homework.  You’ve found the franchise opportunity you’ve always dreamed of.  You still can’t seem to commit to a decision.  What’s wrong?  These final doubts you have are probably about your own abilities rather than the franchise itself.

This is where a qualified franchise consultant can help you. They will assess your interests, skills and experience among other things. They will then assist you until you make a decision where risks are at an acceptable level and the benefits, while not certain, are well worth the effort.