HOW DO WE OVERCOME THE FEAR OBSTACLE?

Most Americans will agree that a big part of the “American dream” is business ownership. Many believe that the percentages are as high as 70%! If this is true, why don’t most Americans actually become business owners? As with many new frontiers, fear can be the biggest obstacle to overcome and prevent many people from achieving the American Dream of business ownership. How then do we overcome the fear obstacle?

First of all, it is important to understand that a certain degree of fear is normal and should be expected. In fact, many top entertainers state that they are always nervous before performing. The key is, how do they manage their fear? Most will say that it gives them “the positive edge” to give a great performance. As such, it is important to accept a certain amount of fear as normal and to use it to give yourself “that positive edge” to launch your new business!

For those who allow fear to overwhelm them, it is important to learn how to minimize their fear and to successfully manage it to achieve their goals of business ownership. For many, fear is an anachronism for false evidence appearing real. Fear, in this case, is not real, it is imagined or created from false negative thoughts. Don’t forget the work that you put into your own Discovery with a franchisor. Concentrate on the knowledge and information that you learned. Be careful not to rely upon well-intentioned and loving family members that will express their opinions based on their own fears and not on the information that you have learned.

How then do you handle your fear when your thoughts are real? One of the significant advantages of franchise ownership is your ability to obtain solid information to make a sound business decision. Too many franchisees are not successful because their decisions were based on emotion and not on learning about the business model.

The Discovery Process

Successful franchisors will take their perspective franchisees through a Discovery Process. The Discovery Process can last anywhere from four weeks to eight weeks with consistent effort. It is important to understand that “the interdependent relationship” between a franchisor and a franchisee is a part of the foundation for success and reduces fear. Each (the franchisor and franchisee) is dependent upon the other for their future success. Because of this dynamic, a good franchisor wants prospective franchisees to learn about their business model. They want their prospective franchisees to make a strong effort at validation with existing franchisees. They need for prospective franchisees to make the right decision and to be successful. The information learned from a strong Discovery Process allows for fear to diminish and become much easier to manage.

In franchising, there is a saying that you’re in business for yourself, but not by yourself. As you proceed through Discovery you will learn and validate the support that your franchisor gives its franchisees. Many franchisors call their home office Support Centers or Performance Enhancement Centers. Virtually every aspect of the business – opening, marketing, operations etc.- is supported. You will also find that support will also come from other franchisees. Many will have strengths where you may not and you may have strengths where they may not. All of this will help to reduce fear.

Finally, it is important to understand that many believe the number one motivation for many successful American business owners is not to fail. They use fear just as an entertainer does to work a little bit harder and achieve the success that they only dreamed of before owning their own business. As with most things worthwhile, fear can enter the picture. Learn to embrace it and to ultimately allow it to make you be more successful!

As you navigate franchises, one common fear that people mention surrounds money and finances. Though business ownership can never give guaranteed income, it does offer significant tax benefits.

Business ownership has significant tax implications. If you have a car that you use for work, you can deduct the costs that are associated with the business. If you have business dinners with clients, you can typically reduce 50% of this expense from your income. When your bottom line is smaller you will pay less tax. Typically, you pay significantly less tax than someone earning money from a W-2. Reach out to me and we can discuss fears surrounding finances and other items. I have been through many of these aspects and would love to share my wealth of experience.