7 Ways to Overcome Fears About Business Ownership

How Top Franchise Consultants Help Candidates Manage the Fear of Starting a Business

Franchise ownership can be an exciting and rewarding journey, but it is not without its share of challenges and uncertainties. Prospective franchise owners often experience fear of starting a business and anxiety as they navigate the discovery process.

As a Franchise Consultant, you can play a crucial role in helping entrepreneurs with overcoming fear and making informed decisions. If you’re eager to elevate your franchise consulting company and better help candidates, consider these seven ways to overcome fears.

7 Key Strategies for Overcoming Fear in Franchising

1. Identifying a Candidate’s "Why"

Many individuals jump into franchising because they are tired of the 9-5 grind and want to change careers. As a Franchise Consultant, you help candidates identify their “why.” Maybe it’s a desire to have more free time with family or gain financial freedom. You can help candidates better understand their “why” by suggesting they write it down and visualize it. Feel free to remind them of their “why” whenever fears about opening a franchise creep in.

2. Offering Expert Knowledge

One of the best ways to make candidates who have a fear of failure feel more in control is with information. Knowing facts about franchising makes the future seem clearer. In addition to offering in-depth knowledge of specific franchise systems and industries, you can give valuable insights into market trends, competition, and operational best practices to franchise candidates. With the information that you provide, entrepreneurs can envision the potential challenges and understand how to navigate them.

According to the International Franchise Association's 2023 Franchising Economic Outlook, the number of franchise establishments will increase by nearly 15,000, or 1.9%, to 805,000 units in 2023. The franchise failure rate is also lower in comparison to independent businesses. These facts about franchising are sure to excite potential business owners about the amazing opportunities available to them.

3. Providing Mentorship

Uncharted territory is both exciting and anxiety provoking. A Franchise Consultant should be a trusted guide. Ensuring candidates that you will be there for them every step of the way can alleviate the fear of failure. Don’t be afraid to share stories, address concerns and offer insights. The more information you can draw from your own experience, the better. After all, you are a business owner, too. As a Franchise Consultant, your own experience navigating business ownership adds credibility to your guidance. This shared experience can build trust and relieve fears about opening a franchise.

4. Getting Out and About

Connecting candidates with others who have been through similar experiences can alleviate the fear of failure. Make them aware of online communities where candidates share their fears, successes, and lessons learned. These platforms will foster a sense of community and support. Candidates will see how fun and rewarding franchise ownership can be all while forming great connections with other entrepreneurs. Encourage candidates to go on a field trip and visit franchise locations, talk to franchisees, attend discovery days and participate in franchisor webinars. Suggest visiting franchising events and conferences and come along if possible.

5. Involving Families in the Process 

Launching a business is one of the largest investments that anybody can make. Regardless of whether or not the candidate’s spouse will be involved in the business, encourage them to participate in the process. Franchise ownership isn’t just an investment; it’s a lifestyle change. If a spouse is uncomfortable with the change, this can negatively impact the investment decision. Knowing everyone in the family is on board with the decision to invest in a franchise can make all the difference. This is one of the most important ways to overcome fears.

6. Setting Goals

Goal setting is a crucial aspect for candidates as it directs their focus. According to Psychology Today, setting goals is linked to higher achievement. To optimize the goal-setting process, offer the SMART method: specific, measurable, attainable, relevant, and time bound. For example, a goal to make five validation calls in a specific time frame or visit two franchise locations of a specific brand can help a candidate learn a lot and feel more in control. Encourage candidates to share their goals with others so that they are accountable and can keep better track of progress. 

7. Acknowledging Fear in Business

In both business and life, addressing fear involves labeling it and acknowledging its partially irrational nature. While some anxiety is normal for any new business venture, focusing too heavily on the worst-case scenario isn’t helpful for anybody. Reassure candidates that while some fear is warranted, they shouldn’t let fear stop them from moving forward. When candidates fuel their fear and use it to their advantage, they can become comfortable with being uncomfortable, which is beneficial for business success. 

How Top Franchise Consultants Alleviate the Fear of Starting a Business

Prospective franchise owners often grapple with the fear of the unknown. Top Franchise Consultants can alleviate these anxieties with factual information, mentorship and an honest assessment of their skills and experience. With some reassurance, candidates can take the exciting journey into entrepreneurship with confidence and motivation.