Many budding entrepreneurs get their start as business owners by opening their own branch of a franchise. Almost all of them had to overcome a fear of franchising to build their success. Let’s look at some of the ways that you can calm that voice in your head that says you aren’t ready and step into franchising with confidence.
Learn About the Transition
Going through a transitional phase in life tends to spark fear because you must face the unknown. When you’re opening a franchise, you’re leaving behind the position of employee to become an employer. That means adopting new responsibilities, like hiring staff members, managing payroll, executing a marketing plan, and creating a base of satisfied customers.
The good news is that as a franchisee, you’re not going through this transition alone. You’ll receive all of the training and support you need to run a successful branch that accurately represents the brand and drives success for the franchise.
Assess Your Finances
Another major source of anxiety for soon-to-be franchisees is money. Even when you’re operating on a licensed business model, your source of income relies on your individual success. It’s reasonable to feel apprehensive about forgoing guaranteed stability, even if it could lead to new levels of financial growth in the long run.
Perhaps the best way to address this source of fear is to assess your finances carefully before taking the plunge. Do you have the seed money to fund your business before you start turning a significant profit? Do you have additional savings to cover personal expenses for the next four to six months while you get your business off the ground? If the answer to both questions is yes, you’re likely in good shape to take the next step.
Research the Franchise
Another way to combat financial fears is to research franchises thoroughly to estimate startup costs and profitability. One of the benefits of opening a franchise as opposed to starting a business from scratch is that you can learn about the business before you make a choice.
This is also a good time to do some broader market research. Where do you plan to open your franchise, and what kinds of business models are well-suited to succeed in that region? The goal is to provide services that are in high demand in your community in an industry that isn’t oversaturated. Hitting that sweet spot sets you up to be appealing and competitive from the moment you open your doors.
Use Available Tools
The fear of franchising is more accurately the fear of failure. Seeking appropriate channels of support can create empowerment and vanquish feelings of isolation. Some options include consulting a franchise attorney, applying for a small business loan, and even discussing your plans with trusted friends and loved ones.
ADU attracts new and experienced franchisees thanks to our successful business model and competitive startup rates. Learn more about All Dogs Unleashed to decide if it’s the right franchise for you.