For those accustomed to collecting a paycheck, the prospect of business ownership can be daunting and overwhelming. The natural self-doubt arises: Will I go into crippling debt? Is my business idea as strong as I think it is? What if I’m not the “entrepreneurial type?”
While fear of failure can’t be summarily dismissed, it shouldn’t automatically prevent you from at least trying business ownership. Act on your moment of inspiration and take those crucial first steps, rather than reflexively backing down due to fear. Conduct market research. Make a business plan. Explore financing options. Consult with advisors. Talk it out with your family and friends. Your idea doesn’t deserve to be dismissed before you’ve even researched it!
The possibility of failure always exists. But business ownership doesn’t need to be as frightening as you think it is. Map out your investigation and launch processes—break up the journey into 10 steps, and take it one step at a time. You don’t need to immediately quit your full-time or part-time job; start by carving out an hour or two per day to work on your concept. Even when you launch the business, it doesn’t need to become your full-time pursuit from day one; you can gradually decrease your “steadier” work until the business is generating sufficient revenue.
But let’s assume this still isn’t for you—the fear is too great to overcome. In this instance, there’s one related option that can be far less intimidating than starting a business: owning a franchise. Start-up owners are in business for themselves, by themselves. As a franchise owner, you aren’t by yourself. You have a replicable infrastructure in place. All you need to do is apply that model, as well as your own strengths and knowledge, to a new environment. You don’t need to be the “entrepreneurial type” to own a franchise.
Surely, you’ll still encounter challenges along the way. But with the structure and support system provided by franchise ownership, the process is far less frightening.
