Finding, facing, and overcoming your fear: the path to franchise ownership
President Franklin D. Roosevelt famously asserted that “the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
The paralyzing effect of fear is one of the greatest barriers to business ownership. Self-doubt springs into action: How will I fund this venture? Will I go into debt? Can I run a successful business when I’ve never done it before? Is there too much competition? What happens if I fail?
The challenges posed by fear can easily drown out your understanding of the benefits of business ownership: financial freedom, control of your destiny, and a self-sustaining future. How can we overcome our fears to access these tremendous benefits? It’s a three-step process.
Finding your fear
Whatever the direction of your career search, there will likely be a time when you feel fear—the kind of feelings that trigger self-doubt, fear of loss, fear of failure, and fear of the unknown. Think about those times when your personal fears tried to derail a decision you were making or a path you were choosing. Write these down and look for what triggered your fear.
Creating a strategy to face your fear
Fear is often more limiting than it is logical. In principle, you understand the benefits of business ownership. You seem ready to make the leap. Yet nothing triggers fear more than change.
Take the time today to predict when fear will manifest itself tomorrow, during your search for the franchise that will transition you to business ownership. Create a strategy for facing your fear. It may involve journaling, or you might educate yourself through reading relevant materials. You could seek guidance from advisors, whether it be a career coach or a current business owner.
Getting across the finish line
Becoming a business owner requires more than facing your fear. You need a plan. What are your personal criteria for business or franchise ownership? What opportunities match your criteria? How will you access those opportunities? What are your financing options?
Herein lies the difference between launching a business or a start-up, and owning a franchise. Start-up owners are in business for themselves, by themselves. As a franchise owner, you aren’t by yourself. You have a replicable infrastructure in place. All you need to do is apply that model, as well as your own strengths and knowledge, to a new environment.
From that perspective, what is there really to fear?