Fear kills more dreams than failure ever will. ~Suzy Kassem
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”, and it is the one factor 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 so feeling fear is not only normal, but also entirely appropriate to the situation. The only problem with fear is when you allow it to stop you from doing something you know will make a positive difference in your life. You need to overcome fear if you are to move the needle in your life.
Who is afraid? Everyone! Fear prevents us (most of us, anyway) from running across a busy highway or jumping off a cliff in a wingsuit. Fear helps us make choices that are less likely to endanger our lives and wellbeing. Fear also prevents us from gambling our life’s savings on a roulette table or marrying someone we’ve known only a few days.
However, when you focus on gathering information about a subject, you can often overcome fear and do things beyond your comfort zone.
According to Susan Jeffers, author of Feel the Fear and Do It Anyway, when fear or anxiety crop up during the decision-making process, you need to 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, 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.
The number one fear is about money. Most of the people I work with have been in the corporate world for 20 to 40 years and, while dissatisfied with their current status quo, they still have a certain comfort level that they are not anxious to give up. They can predict their future in their current position but owning a franchise, while potentially more beneficial, still falls into the category of the ‘unknown.’
As a potential franchisee, when you feel fear, the first thing you need to ask yourself is what information do I need to feel comfortable and then ask those questions of the franchisor. If the answers are satisfactory, then pick up the phone and confirm their answers with existing franchisees. Fight, flight, or freeze needs to be replaced with gather facts and make informed decisions.
There are times when just having the facts are just not enough. What happens when the franchisor has answered all of your questions, but you still can’t calm that little voice of doom inside your head?
Once your homework is done, I think a key to moving beyond fear is to project yourself into the franchisee role by thinking about sites, managers, staffing, and marketing. If you do your homework and feel confident you can kick start your business, fear will soon be replaced by excitement.
Second, ensure you have properly validated with franchisees. Do you share the work ethic and skill sets of successful franchisees? If yes, turn to these owners and ask them how they worked through their fears of making the decision. No franchise is perfect. It helps to understand all the possible land mines in the process, the good and the bad, so you can move forward with your eyes wide open.
Because I’ve purchased multiple franchises myself, I understand how big an issue fear can be. But if you do your homework and you are willing to put in the time and effort to give the business a great start, the fear will go away. Asking, ‘Why should I pursue my dreams?’ leads to self-doubt and questioning your abilities. Instead, ask, ‘Why not?’ Only then can we begin to identify real obstacles and plan strategies around them.
One trick I have used is I named the little green man sitting on my shoulder ‘Harold’ so that when ‘Harold’ started to tell me I was making a terrible mistake and that I was not good enough, I could remember that it was Harold’s job to question my decisions, but I didn’t have to listen to him. Everyone needs balance. Harold is my balance, but Harold does not get the final say. To change my life, I must push boundaries and work through fears.
When I talk to people about researching a franchise, I let them know that not only will they feel fear at some point but that it can manifest itself in several ways. One common way people deal with fear is to make no decision at all. By not deciding, they avoid dealing with the fear but also may lose out on a chance to make the life change they’ve been wanting. With my candidates they know they have my full support when they make an informed decision. ‘Yes’ or ‘No’ both works. But they also will hear the truth from me that indecision is a decision. And not one taken from a position of strength and control.
Preparing yourself to be ready for fear to rear its head is an important part of the investigation process. Individuals need to ask themselves if they are prepared to make an informed, logical decision if their logic tells them, it is the right decision ─ even if their ‘Harold’ is telling them to wait and think about it some more.”
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. ALWAYS! There is no such thing as complete and perfect information. You work with what you have and work to move the bar.
Hedging Your Bets
One of the reasons people chose buying a franchise to make their foray into the world of business ownership is because they understand a franchise provides many important benefits. As an independent business owner, these steps can take months or years to develop. Most independent businesses stop before they even get started. The best laid plans of mice and men… as they say. Having proven operation systems, developed brand strategies, and marketing expertise are priceless. They’ve already improved your odds of success as a business owner by acknowledging these benefits and deciding to work within a supportive system.
If you are one of those people who has done your homework and found the franchise opportunity you’ve always dreamed of but can’t seem to commit to a decision, then the final doubts you have are probably about your own abilities rather than the franchise itself.
It is my belief that candidates make a decision, then find reasons to back fill those decisions. I have had two sets of candidates call the exact same franchisee and one says to me “Franchisee X is successful, happy and encouraging me to become part of the team.” While candidate B says, “Franchise X is not making any money and says the support is awful and is subtly discouraging me from moving forward.” I find that fascinating and it serves as a simple reminder that franchising is not for everyone. If you are a ‘glass half empty’ personality, this may not be the path for you and you seek reasons to move the bar, to take control, this may be a perfect path!
But back to where we began, by assessing your interests, skills, and experience, by keeping your eye on the goal, by doing full and complete homework, you can make the best decision possible for your future. I can help provide a systematic approach to making an informed and educated decision, as well as the tools to work through fear and anxiety. The outcome is not certain if a franchise will be right for you or not, but I promise to help you collect the facts and make a brave, empowered decision.
