Fear-Busters: Overcoming Fear of Franchise Ownership
Franchise fear-busters knowledge is aimed at identifying the real strengths and challenges in franchising. The goal is to help you achieve your business ownership goals, possibly with a franchise or license type business.
If you are turned off with the words ‘franchise’ or ‘franchising’ then think again. A franchise is a business. The main difference is a franchised business has proven successful. The business comes with a replicable system. Depending on the growth stage of brand, you can either be a pioneer or the plug-and-play type franchisee.
Why you want these fear-busters
In this line of work, we have heard your (prospects) non-verbalized responses. We catch your negative implications, hear the barriers raised and the ‘no-way-not-today-or-ever’ inflections in your voices. The fear of starting a franchise as a path to business ownership is, more often than not, the result of a lack of understanding.
Being a franchisee means starting a business with an upfront investment plus ongoing fees. Franchise agreements are also typically one-sided. Then there’s the performance clauses and renewal requirements whether the business remains yours ‘forever’. You’ve built the local business from the ground up, you’ve established the connections and it’s still not fully technically yours. As a result, the perception of owning a franchise becomes scary and confusing. In reality a franchise business model is designed for the franchisee to repeat the success. The franchisor is rooting for you to expand the brand successfully. No one goes into a business to fail.
You will encounter these fear-busters in the next few blogs coming your way. Our hope is that you will use these #FranchiseFearBusters to overcome your fear of franchise ownership. Only then can you make educated decisions which can help transform your life.
You owe it to yourself to get proper information, gain real knowledge so you can make a well-informed decision.
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About the Author of the Franchise Fear-Busters series:
Jackie Coan is an advocate of the franchise industry. She is active in franchising for 20+ years. Experienced as franchisee and franchisor, she understands what it takes for each role to be successful. Together with her husband Pat and the team of Professional Franchise Recruitment Consultants, they continue to help executives transition to business ownership. She firmly believes that you can be successful with the right opportunity and participate in building vibrant business communities. You can reach Jackie at [email protected]