Is fear holding you back from business ownership?

Is fear holding you back from business ownership?

IT WAS A BEAUTIFUL DAY IN THE MOUNTAINS. THE SNOW was perfect for skiing and I, overwhelmed with enthusiasm, followed my father-in-law to the top of a double black diamond trail. It would be my first double black diamond, and at the mountain peak it looked, well, daunting. Suddenly, my father-in-law looked back at me and said, “Doesn’t it look like you are skiing off the end of the world?”

Then just like that, he was gone. Fear set in. Lots of it. It did look like I was skiing off the end of the world. Had my fatherin-law led me into a place where I could not come back? Would I see my wife and daughter again? There was no way off the mountain, except to ski down the slopes. But I’d have to tackle my fear first.

QUESTIONING YOURSELF

Business ownership is a lot like that moment at the top of the mountain. Looking into business ownership for the first time, whether it is a franchise, business resale, or a new business you create, it’s common to feel a lot of fear. Am I going to be successful? What will my family and friends think and say? Remember how your cousin Bert or your wife’s friend Emily started businesses and did not make it? Why would it be different for you?

I tell my clients to think of FEAR as “False Evidence Appearing Real.” To counteract it, you’ll need to do some research. Instead of letting your gut determine if you’ll be successful, let your research lead the way. Does your research tell you there’s a need for your business in your market? Does it show that other franchisees have been successful working with your franchisor? A professional coach can help you understand things. Let him help you identify goals, needs, and expectations for business ownership. Let him help you determine if your fear is grounded.

SUPPORT SYSTEM

Franchisors want you to succeed. Franchising is government regulated by the Federal Trade Commission. You get to talk to any franchisee you want in the system and ask them the hard questions. Again, a franchise coach can help guide you through these times.

As for me, at the mountain top, I ran through some facts, too: My father-in-law would never leave me alone where I couldn’t ski. I had great skills as a skier. My brother-in-law would be skiing behind me. So leaving my fear behind, I headed downhill without looking back. As a result, I saw beautiful scenery and conquered some challenging twists and turns. Business ownership works the same way. Conquer your fear and you can find yourself on a wonderful journey.

Doug Stout has a passion for helping people to achieve their dreams of business ownership. His experience in franchising includes ownership, coaching, mentoring, process development, consulting and development. You can reach Doug at Doug@TheFranchiseConsultingCompany.com