These Are the Franchise Fears Daring Entrepreneurs Must Overcome

Entrepreneurs are unusual human beings, to say the least. They have a remarkable combination of traits, generally speaking, that don’t usually collide in those of us who are regular worker bees. Their traits include off-the-chart self-confidence, a remarkable degree of tenacity, a passion for their work, and a clear vision for what they want to accomplish.

Entrepreneurs are also rule-breakers who live to defy conventional wisdom. Their very existence — and the legends that surround the likes of Ray Kroc or Steve Jobs —are the result of a rare combination of street smarts and a predilection for aggressive behavior. In other words, you can’t win if you don’t play.

That said, even the most successful entrepreneurs aren’t superhuman. Every successful franchise owner in history has been afraid at some point, haunted by either natural or illogical fears that something, somewhere, is going to go wrong. Let’s take a closer look at some of the organic fears that a budding entrepreneur might encounter when thinking about taking on a franchise business.

More generally, you could call this “fear of change.” The dictionary in its best version that applies here describes entropy as “the degree of disorder or uncertainty in a system.” This is one of the reasons why worker bees stay in their lane and entrepreneurs embrace the chaos that comes with change. Our brains are, to some degree, preprogrammed to avoid risk, which is often exemplified by change. But the truth is, you can’t avoid change, whether it’s in your personal life or the profession you have chosen. By choosing to operate a franchise business, you have to find ways to embrace and harness innovation and advancement.

There’s a ridiculous but oft-quoted phrase in Silicon Valley, generally applied to startup businesses, that simply says, “Fail better.” Props to Samuel Beckett for his original thought: “Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.”

For most ordinary human beings, failure often seems like the worst consequence of any decision, an outcome accompanied by unbearable embarrassment and loss. What budding franchisees need to remember is that franchise businesses have a massive advantage over startups in that the bumps and potholes and potential pain points have already been road-tested.

It’s a given: you don’t know what you don’t know. Every entrepreneur in history has carried forward with gaps in knowledge or blinds spots in their business expertise. The trick is to press forward. If you’re worried that you’re missing out on necessary intelligence or expertise, fill the gap. Don’t be afraid to ask for help. The one thing not to do is second-guess yourself. Trust your self-confidence and go where your instincts drive you.

Being risk-averse isn’t a bug in human nature — it’s a feature. Every time we take a risk, we’re putting something, be it our money or our reputation or our partners, on the line. With franchise businesses, you’re taking a calculated risk that measures your level of investment against a tried-and-true model that has been road-tested already and has a better chance for success than a blind venture.

The sheer number of franchises that are on the market can make picking the right one a scary experience. You can lessen the fear of buying into the wrong concept by doing your homework, working with a reputable franchise broker, and thoroughly evaluating your desired investment level, skills, and anticipated return on investment.