The # 1 reason why people do not move forward with investing and running a franchise -- despite their admittance that they "really want to own their own business" is fear and anxiety.
This "fear and anxiety" tends to manifest itself in two areas:
- LACK OF INFORMATION about something new to the franchisee candidate - causing them to jump to conclusions prematurely, or simply to feel anxiety over not "being in control."
- SELF-DOUBT - the franchisee candidate is moving out of their comfort zone and becomes filled with doubt that they can't do the work required and that, as a result, THEY WILL FAIL (and thus fail their family or other responsibilities).
This fear and anxiety is further exasperated by the current meltdown of the global financial markets, increased job losses, the decline in property prices, etc. However as billionaire investor Warren Buffett and James Caan of Dragon's Den fame more recently point out: "it is much easier to be part of the crowd than not, but an entrepreneur may need to swim against the tide." Thus during difficult times, observe the masses and do the opposite. Do not allow yourself to fall prey to the herd mentality.
This does not mean that you should move ahead with every investment or business opportunity. Furthermore, do note that it is natural to experience some level of fear and anxiety when considering a major investment. However, while the masses go off into hibernation and wait for the financial markets and everything else to bounce back, smart investors and budding entrepreneurs need to maintain a high level of confidence in their desired vision of the future. Particularly as during down markets, there are quite a few opportunities that normally wouldn't be available in a bull market.
Thus, continue on with the investigation - pretend if necessary, that you are merely a reporter writing for a local paper and so need to gather all the facts. You may in the end decide to walk away, but at least you'll do so knowing that you have collected all the necessary information to make an educated business decision. In the end, if the opportunity is right, as Susan Jeffers wrote so eloquently in her book 20something years ago -- Feel the Fear and Do it Anyway.
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