Are you still a little anxious over whether to start a franchise business?
Many aspiring entrepreneurs really want to do this but run into a few mental roadblocks that stifle everything. We want to show you a few ways you can eliminate the unnecessary fear of buying a franchise, and finally take that bold leap you’ve been pondering for a while.
Many would-be franchisees back away from stellar opportunities over undue fear over hefty startup costs. While it’s true that prospective franchisees should take launch fees seriously, they shouldn’t paralyze you into inaction.
What can you do to address this fear? Establish strong communication with your franchisor before starting and have them explain costs, and why the franchise opportunity allows you to recoup them. Also, avoid selecting the wrong franchise system that would cost a fortune. For our part, Island Fin Poke has pretty reasonable launch fees, which are less than half of what you’d pay to franchise with McDonald’s.
Many prospective franchisees experience consternation over making the leap from employee to business owner, which requires you to wear a lot of different hats. It’s true that the franchise owner has to fulfill several roles: payroll manager, head of operations, hiring manager, inventory manager, and so forth. This fear isn’t totally unfounded, but there are significant ways to mitigate the stress.
Island Fin Poke always goes above and beyond to ensure a smooth transition into business ownership by offering extensive training and preparation for franchisees. It’s not just classroom learning, either. We teach, demonstrate, and allow you to practice all those tasks while running a Hawaiian-theme restaurant.
Fear of Failing
This is sort of the synthesis of the previous two problems. When you take all the financial anxiety, worries over the transitional headaches, and sprinkle in fear of the unknown, this is what happens. Of course, it’s not specific to franchising. Fear of failing is part of every business endeavor.
One way to address this fear is to acknowledge some of the favorable statistics that show how lucrative franchising has become. You don’t have to worry about problems like turnover if you select a reputable franchise. Many of the best franchises have a turnover rate as low as 10%, which is much better than sole proprietorship businesses.
Finally, if you’re after a solid franchise opportunity, and want to conquer these fears once and for all, then consider partnering with Island Fin Poke. There’s no such thing as a risk-free business idea, but if you enter a franchise agreement wisely, the possibilities are almost limitless. Contact us anytime to find more about what that entails, and get ready to own a successful franchise soon.