Recently, I worked with a couple, and they were some of the best candidates I’ve ever worked with. They were interested in searching for a service franchise, and I helped them identify the perfect opportunity. They found an excellent location and felt their area would greatly support this type of franchise. They met with a business coach and their business plan was complete.
They met with their bank and they were preapproved for funding. They made all their travel arrangements to attend the Discovery Day, with the intention of signing the Franchise Agreement. Then their situation changed dramatically.
They cancelled their meeting and said to me that they could not move forward because they got “cold feet.” After spending countless hours investigating this franchise with them, I concluded the following factors played an integral part in their decision to quit. When buying any business, be prepared to be aware of the factors outlined below, because they will play a major role in your decision-making process.
They Encountered Fear: Fear is a very strong and powerful emotion. The acronym for FEAR is defined as: False Evidence Appearing Real. When we approach a new endeavor, many times we subconsciously believe that we will not be successful. We actually believe that our current situation is more secure and never move ahead with any changes in our lives, leaving us unempowered to accomplish new pursuits. The only way to overcome fear is to face it head on. Everyone is initially uncomfortable when they face new decisions to change, but eventually fear can be overcome if you make a conscious choice to take a risk, regardless of what you think the outcome will be. Serendipities usually accompany risk takers. The choice is up to you.
Their Pain Wasn’t Strong Enough: The amount of pain in our life can determine how strongly we will pursue our passions. When I speak to each candidate, I can gauge within a minute, how much pain they are in. If a candidate makes enough money to cover their bills and they have enough benefits to pay for their needs, they won’t be in enough pain to make a substantial change. However, if a candidate has been unemployed for a while and they are running out of severance pay, they are more likely to pursue change and do it within a short time frame. Take stock of the pain you are in. More Pain = Higher Motivation Level = More Serendipities.
They Were Too Comfortable: Having a weekly paycheck and full benefits are hard to give up. However, if you are tired of continuing the same routine with your life, you are more likely to make a change towards positive goals. Pain and comfort level go hand-in-hand. Too comfortable and not enough pain will leave you sitting on the sidelines of life. However, once you start making changes in your life, you actually feel empowered to continue to change because you are learning how to live. Too many of us play it safe and we are very unhappy in our day-to-day lives because we aren’t learning anything new.
They Failed to Set a Date: If you commit to a specific date when you will start a business and have an accountability partner, you are more likely to accomplish that goal. Baby steps are part of overcoming fear. But you have to have enough pain to begin this exciting, yet overwhelming task. Don’t wait too long or you’ll never begin.
As a franchise consultant, I have witnessed these “all-too common scenarios” which have prevented many of our clients from pursuing their passions. Your emotions will play an important role in whether you move ahead or watch others, “go for the gold.” Avoid playing it safe. Go ahead and take the risk. If you have some capital and like an opportunity, pursue it. Let us know your story. I am sure it will be compelling.
