Jim Laganke : Common fears every new franchisee have while buying a franchise

Owning a franchise is a rewarding venture, but it does come with some associated risks. As per the old saying, “good things don’t come easy.” This fits well here. According to the president of Stewart’s All American - a famous restaurant chain in the United States - Jim Laganke, most new franchisees worry about whether their franchise business will succeed or not.

If you’re planning to buy a franchise and any worries have come to your mind, you’re not alone in this situation. In fact, it’s normal to have such thoughts while purchasing a franchise. For this reason, it is important to learn about the common fears you may experience so that you can continue your franchise ownership journey with gumption.

Below Jim Laganke explains some of the most fears any new franchisee may experience and how to deal with them.

Fear of going in debt - Buying a franchise requires a huge investment up front. This includes franchisor fees, rent, employees salaries, and other expenses. However, the initial franchise cost usually makes most people think twice before walking down the paths to franchise ownership. This is because in most cases, people are scared of going into debt if their franchise business fails. The best way to deal with this fear is to have a financial plan before investing your hard-earned money on the franchise.

Fear to fail - Personal failure is another common fear that most people have while purchasing a franchise. Of course, you’re carrying your good name when starting a franchise business, but this doesn’t mean fear of personal failure should stop you from achieving your goals and dreams. Don’t worry, the risk in franchise ownership is far less than a startup business. Therefore, with your hard work and combined effort, you can definitely succeed in your franchise business. However, don’t forget to do your homework before making the final decision.

In closing

Please remember, whenever you try something new, there are always some risks associated whether it’s buying a franchise or starting a new business. However, these fears shouldn’t stop from pursuing your career goals. A piece of advice by Jim Laganke, know your fears and use them to fuel your franchise ownership journey.

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