What Is Holding You Back from Business Ownership?
May 14, 2018
By: Chad Tramuta, Franchise Development Manager
We’ve all likely thought about it at some point—quitting our current gigs to start our own businesses. Whether you’re tired of the industry you’re in or are ready to unveil an exciting new concept, being your own boss is enticing.
However, with freedom come challenges. When times are good, it’s great to revel in success, but when times are tough, it feels like it’s all on you.
Luckily, you don’t need to go it alone. Franchise concepts create business opportunities with built-in support systems that supplement owners’ knowledge and help them work toward success.
No matter your path to business ownership, launching a new venture involves risk, and many people have fears and reservations. The following are some of the most common ones and how I help aspiring entrepreneurs overcome them.
1. Fear of the Unknown
Sometimes, fear of the unknown keeps us from stepping outside our comfort zones. This fear is purely a mental obstacle, but it’s still frustrating when it gets between us and our goals. Many new franchisees struggle with this fear, especially if they’re changing industries.
The best way to overcome fear of the unknown is through discovery. Take time to fully research your new business. Learn as much as you can about the industry, its trends and the current players. Take any opportunity to visit the business or shadow existing owners to get a comprehensive picture of the opportunity.
Franchise owners have a fantastic built-in resource—other franchisees. Not only do I highly encourage potential owners to speak to as many current franchisees as they can, Smoothie King requires it as part of the process. Current owners have been in your position and can help answer questions. Gather as much information as you can from existing franchisees to build your knowledge and alleviate fear of the unknown.
2. Lack of Industry Knowledge
If your career change also requires an industry change, it can feel like too much at once. Consider why you’re interested in that industry and what draws you to it. Reflecting on your choice can reinvigorate your enthusiasm.
Keep in mind that a franchise concept helps close the knowledge gap for owners new to an industry. With industry-specific training and established processes and operations, franchising is a great choice for someone with limited industry experience. Smoothie King franchisees aren’t required to have previous restaurant experience, but they get the chance to excel in that space nonetheless.
It’s important to feel confident entering a new industry before you embark on your entrepreneurial journey. Franchising can help you get there.
Many are wary to invest financially in a new business due to risks like failure or debt. This prevents plenty of prospective entrepreneurs from following through. Only about half of business owners are confident in their ventures, while the other half remain preoccupied by the risks.
If investing in an unproven, original concept seems too risky, a franchise investment may be a good option. Franchisees make the initial investments, but there is less uncertainty involved with the concept and execution. Franchises allow business owners to benefit from proven models and established brands. In that sense, a solid franchise business model can take out some of the guess work. Additionally, a relationship with a large brand can make you a good candidate for financing.
Conquering Fear and Finding Success
On the path to business ownership, it’s important to recognize your fears and face them head on. Some fears help keep us safe, but others keep us from reaching our goals. It’s up to you to recognize them and react accordingly.
Every day, I work with franchise candidates who experience nerves and hesitation. The motivated ones won’t let their fear prevent them from fulfilling their dreams.
To learn more about Smoothie King’s best practices and support for franchisees, check out 4 Tips to Start Your Smoothie Franchise Off Right.