To put it mildly, a lot of things will start happening once you share what you're going to do. You've opened the floodgates, as you'll see.
The Big Reveal
Revealing something potentially life-changing, like becoming your own boss by buying a franchise, can be a little scary. On one hand, you're certainly excited to share your big news with others. On the other hand, there's fear...deep down fear, that your news won't be met with the same level of excitement that you yourself have. And?
That's right: And?
The decision to become your own boss is about you. It's about you taking a shot at small business ownership. It's about you wanting to get some control back in your life. It's about taking charge. It's about not having a boss anymore. In other words, your decision to become the owner of a franchise business is not about them*.
*When I talk of “them,” I'm not referring to your spouse, partner or your children. They will be affected by your decision in a big way. Read how to share the big news with them, here.
What To Expect After You Share Your Plans
Not long after your entrepreneurial announcement goes public, experts on business and franchising you never even knew existed will appear out of nowhere. So get ready.
I'd like to introduce you to a couple of the people you may hear from.
Uncle Larry
Your dad's brother has owned the hardware store at 3rd and Vine for almost 30 years. He's a great guy, and from what you can tell, a mildly successful small business owner. He calls you.
“Tom, I hear you're going to buy a franchise. Are you sure you know what you're getting into?
“I'm pretty knowledgeable, Uncle Larry. I've been doing my research.”
“Do you know that you have to pay them a percentage of your sales every month and that you have to pay them for advertising?”
“Yes. I know.”
“It really adds up, Tom. I know a guy who owned a franchise business right down the street from my store who only lasted a little over a year. He told me that the franchise fees were too high and that was the reason he had to close his business down. The way I see it, it's the franchise company that makes all the money.”
“Well, I don't know what his exact situation was and either do you, Uncle Larry. I know that the franchise fees...the royalties can add up. I'll be careful.”
Susan The Sister
“I'm really worried, Tom. You just got downsized from your job, and you've already given up on the job front. This seems really risky. You have a family to feed.”
“I did look around for a new job. Everything I looked at was a step down–including the money they were offering me. This is the third time I've been downsized, Susan. I don't want to go through it again. I need to be in more control of my life.”
“I need to tell you something. In the MBA class I teach at Northwestern, we just went through the small business startup failure statistics, and they were pretty ugly. You're really taking on a lot of risk by starting a business. You could fail and mess your family's finances up for years. “
“I could fail. I know that. But, I'm pretty convinced that I can be reasonably successful with the franchise opportunity I chose."
“Well, I hope you know what you're doing. Are you absolutely sure you don't want to keep looking for a new job? It would be a lot safer, Tom. Franchising is really risky.”
Can You Handle It?
You're going to need to have a strong backbone to deal with all the things that are going to be thrown at you once you announce your intentions of buying a franchise business-or any type of business.
The two examples above are only the tip of the iceberg. Eventually, you'll have to talk with your accountant. She may or may not like franchising as a business. Who knows? She may even recommend that you drastically lower your financial projections. Either of those things could take the wind out of your sails.
Here's the deal: People say the darndest things. Some of the things you'll hear about franchising may or may not be true.
For example, how much does Uncle Larry really know about the franchise owner who had to close down his business? What were the real reasons?
And, what specific statistics regarding small business startup failure rates did she use in her MBA class? There are all sorts of them. Jobs can be risky, too, because you can lose them!
Facts Outweigh Opinions
If you do good research on the franchise opportunity you're interested in buying, which includes talking and visiting with several existing franchisees, you're chances of success increase. But, mistakes can happen. You could miss something important. The franchisor could end up having problems you couldn't foresee. It happens.
When you let the cat out of the bag regarding your plans on buying a franchise, be prepared to hear lots of interesting opinions on what you've decided to do. If some of them cause you to question yourself, speak with more franchisees. Talk to them about your fears and see if they are warranted. Then do what you feel is right. For you.
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