3 Fears about Franchising and Tips to Overcome Them
Even though franchising as a business option can be highly rewarding, it doesn’t mean that there are no risks associated with it. Most aspiring entrepreneurs and franchisees worry over how much their life will change after investing in new franchises UK and whether or not they will actually achieve success. If you are struggling with the same apprehensions, you aren’t alone.
Despite potential risks constantly popping out at you, you need to look past them and face your fears with self-confidence so you can truly enjoy and plan your franchising journey and reap the rewards. Here are the three most common franchising fears prospective and current franchises experience and ways to overcome them.
Fear of Failure
There is no better way to set yourself up for failure than by being constantly afraid of it. Most entrepreneurs who are thinking about investing in a franchise do feel like they are risking not only their money but their name.
To overcome this fear, you will need to first make the supporting resources given to you by your franchisor your guide. The main difference between being a franchisee and owning a startup is that you get the tremendous support of a trained franchisor, who can give you all the guidance and support you need. By just working jointly and putting in hard work, you can avoid the risk of failure, which, in this case, is already less than other ventures.
Fear of Losing All Your Money
Owning a franchise, in most cases, requires a lot of investment. You need a certain amount of capital to pay upfront and then capital to pay for overhead costs. The intimidating initial investment cost can really scare up and coming franchisees, and rightfully so.
To overcome this fear, make sure to first, create a financial plan before you purchase the franchise. You can allocate your personal money depending on your own requirements and then also calculate expected expenses, as well as expected revenue. You can look to other franchisees for advice and even talk to your bank to get a better understanding of your finances. It’ll help ease your fears when you have a clear picture of your financial standing before buying a franchise.
Alternately, you can look into low-cost franchises, which cost less than £15,000, sometimes in hundreds and sometimes nothing at all! There are many workable franchises in the UK that may fit perfectly for you, so don’t give up on your quest to become a franchisee!
Fear of Letting Down Dependents
You aren’t the only one counting on this to work. Those depending on you, like your family, are also counting on this to work out for everyone’s benefit. Most franchisees get engulfed by this fear of letting their family down, which can make them apprehensive in buying a franchise.
Overcome this fear by communicating these fears to them. Discuss this venture with them in detail, ask for their expectations and honest advice. Maybe look into part-time franchises if you are scared about not being able to spend time with your family. Tell them your expectations as well so that you both understand what you are getting yourself into. This can help you and your family embrace the change!
The Bottom Line
There are risks that come with every single thing you do. But what is most important is not letting your fears keep you from advancing in life and achieving your dreams.
Find the work-life balance you have always wanted. Get in touch with Franchise UK for more information on franchise opportunities and how to become a franchisee.