Top 5 fears to Conquer When Starting a Business
It’s tough to make big changes in your life and often people will only do so when forced to by outside circumstances. When it’s about starting a business, a redundancy or a firm shutting down often spurs people to reassess what they are doing and why they are doing it.
But what is holding people back from starting a business and controlling their own destiny? In this article we look at the common fears that hold people back and how franchising can help alleviate these fears.
The Top 5 Fears
“I’m not afraid of storms, for I’m learning how to sail my ship.”
Louisa May Alcott
1. Lack of Cash and Not Earning Enough
One high on the list is about not having enough cash to cover living expenses. This is a key concern and when doing forecasts of the build up of business it is important to be realistic. As part of the RISE franchise we have access to borrowing some money to get going through a government start up scheme. It is important that you borrow enough (but not too much!) to support the launch and operation of the business to get to break even as quickly as possible. RISE Fitness has a financial model that shows what you need to do to first break even and then get into profit.
2. Fear of failure
In the USA if you have a couple of business venture failures under your belt this is viewed as a good thing! It means you have learned some lessons and should be a better professional for the experience. In the UK it seems to be viewed the other way. But fear of failure should never stop you from realising a dream to own and run your own business. Joining a franchise gives you a readymade product to go to market with and this should help mitigate the fear of failure.
3. Lack of experience and Know How
This is a secret fear of almost everybody at some point! But usually, people have more experience than they think and every job you have done no matter how small you considered it at the time has added to your experience bank. When you buy a RISE franchise the fee includes a training bootcamp that covers not just the product but business set up and systems you need for a successful career in fitness franchising.
4. Getting Your First Customers
Can you imagine people handing over their hard-earned cash for a service that you are offering and operating? That is the aim of launching a business and most successful franchises have a pre-sales plan aimed at exactly that. With RISE Fitness we have some key tools that help you understand the needs of each prospect or enquiry that is generated by the marketing. The key thing is to convert as many as possible into paying customers. The combination of our global leading wearable tech partner Myzone and our expertly designed RISE sessions and unique online personalised coaching gives us the edge when competing for people’s fitness pound.
5. Being overwhelmed
It would be entirely natural to feel a bit overwhelmed at points when launching your new business, there is a lot to do and people expect you to have all the answers. This is certainly something a franchise can help you with. At RISE Fitness we have regular calls with all our franchisees to ensure that they get what they need in terms of business and moral support to make the best of the opportunity. There are also group meetings where you can discuss common issues and challenges and hear how others are solving them. This is an invaluable bit of franchising to make sure you don’t feel like you are struggling against the tide.
How Does a Franchise Help?
The reason franchising is succesful on the high street is because budding entrepreneurs can take advantage of a readymade product to launch into their local market place. The product comes with a business system that if the franchisee puts into practice should optimise the chances of success. You may read that in general franchises fail less but that does not mean they don’t! A franchise is a business and depends on the energy, passion and commitment of the person running it. All the systems in the world will not fill that gap. But it will help conquer those five fears listed above and if you see yourself having a business in health and fitness then please drop RISE Fitness Franchise a line using our form and join one of our no obligation webinars.
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Photo by Sammie Chaffin on Unsplash
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