The very idea of owning a franchise or starting a new business of your own is a popular dream. The next time you’re in a crowded setting—perhaps a park packed with people on a sunny day–try to imagine how many of those present actually harbor a secret desire to take charge of their own destiny. Maybe some of these individuals have a burning desire to start a business of their own—particularly in a field in which they possess superior knowledge and experience. There is no doubt a precious few of these folks will have a drive deep within themselves telling them to “go for it” or “grab for the brass ring.”
So why do so few take this proverbial leap of faith toward entrepreneurship? Two words—flawed thinking. Unfortunately for most, their conscience takes over and provides a litany of excuses, inaccurate predictions of impending doom and an avalanche of self-doubt. Sadly, these combined mindsets ultimately contribute to a complete backlog of unfulfilled promise and potential.
It doesn’t have to be this way. In striving to gain knowledge about the realities of going into business for yourself, you’re initially likely to bring into focus some of the leading misconceptions which prevent you from taking action. Let’s review three of the most common examples and address how they can be overcome.
At the forefront is money and financing. Most are under the impression that buying a franchise is going to take an inordinate amount of cash on hand or even a soon-to-be-turned-down bank loan. However the reality of this situation is much different than most people suspect. The federally-backed United States Small Business Administration has a wealth of knowledge and loan programs designed to dispel the erroneous notion of just how much capital it takes to get a business started. Did you know that of the over-3,000 different franchise concepts on the market today, nearly a full third of them have an investment range of only $50-100k? The further you investigate the unlimited options of money and finance in the small business world, the more you’ll become convinced that the requirements necessary to lead you on the path to entrepreneurship should not be viewed as a stumbling block.
Security is another leading factor in the flawed thinking which prevents individuals from taking a chance on owning a franchise. The thought of giving up a steady salary, benefits and even matching retirement funds is often too much to consider losing. But, in reality, you may not have to give up your “day job” in order to get your dream business off the ground. In fact, many business advisors even recommend this approach. Sure, there may be an increased workload for a set amount of time, but creating a thriving business with a safety net is well worth the trade off. Furthermore, many franchise concepts are specifically designed to meet this risk-averse approach.
Last but not least, it’s good old-fashioned fear that keeps most would-be business owners on the sidelines. Fear of the unknown and a fear of failure top the list of flawed thinking. However, research has shown time and time again that well-prepared individuals determined to succeed in a particular business or franchise field can do so—especially those with a meticulous business plan and a commitment to follow through on it. Risk reduction is real and the calculated resources pledging assistance to this concept run deep throughout all the pro-business and pro-franchise worlds.
Nobody can take that all-important first step but you. But when you do, you may find yourself walking alongside a legion of others—all of whom used to have the same kind of flawed thinking that once kept them from achieving their dream of entrepreneurship, business ownership and success.
Do you feel that you’re ready to take that first step? If this article has inspired you to investigate how to overcome the flawed thinking preventing you from business ownership, perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. As it turns out, FranNet is just the place! As a franchise consultant company having helped thousands of others to change their mindset in positive ways, allow us to pass along encouraging wisdom on this subject by speaking with one of our representatives today.