For many of us, the goal of owning a business represents a major life accomplishment we work toward for years. But whether it’s a scary headline in the media or a personal story of failure heard through the grapevine, owning a successful business in the real world can seem like a far off dream too difficult to actually accomplish yourself. While starting a business from scratch can be a huge uphill battle for many people, you don’t need to be an entrepreneur to own and run a successful business.

After years of experience in the franchising industry, we’ve learned that the biggest successes come from those that can think on their feet and have a true passion to create something great for the customer. For some, that means creating or presenting products to customers in a store, for us, it’s even simpler than that. Our franchisees give homeowners and businesses an on-site service experience they won’t forget.

Franchising, like starting your own business, can seem intimidating, but unlike starting from scratch, being successful with a franchise often boils down to following a system that has proven itself effective. With that said, here are some of the biggest fears people have about buying a franchise and the reality behind these common worries.

1. “What if my franchise fails?”

Losing your money can be a devastating feeling. It takes confidence and a strong will to hand over the initial franchise fees, especially if you’ve spent years saving up to do so. Depending on the franchise you choose, you might be putting a considerable amount of money into the business before opening day.

This can lead many to worry they’ve either made the wrong choice, or won’t be able to sustain the business once it gets going.

The truth:

While mistakes do happen from time to time, preventing these problems isn’t difficult to do with a little planning and forethought. One way to make sure you’re not entering a system that isn’t a good fit is to ask the right questions ahead of time.

What are those questions? We wrote a whole article explaining them in detail. Check out our other post: 10 Questions to Ask Franchisees Before Buying a Franchise

The bottom line? Those that research the opportunity and get their questions answered ahead of time are far more likely to end up succeeding as a franchise owner.

2. “What if I can’t attract customers?”

Another big fear prospective franchisees have is the business’ ability to not only attract customers, but to sustain that stream of revenue in the long term. Sure, grand openings are exciting and generate a lot of interest early on, but how can you be sure you can keep people interested in the months and years to come?

The truth:

Every company has periods where business is slower than usual. The important thing to understand is that it doesn’t mean you’re on a course toward failure. In reality, it’s extremely rare for franchisees to open and stay just as busy on day 100 as they were on day one.

The best way to deal with slow days is to plan for them ahead of time. If you run your finances expecting to be busy every day, you’ll find yourself in trouble when sluggish days do come. Manage your finances conservatively and have funds on hand to meet expenses if business slows.

3. “What if the franchisor fails?”

Franchising is different than starting a business from scratch since your brand is tied to a central corporate entity. While it’s not common, businesses do go out of business. But is this problem scary enough to keep you away altogether?

In most cases, no. Buying into an established brand that has successfully grown itself and expanded with franchises throughout the country is usually a safe investment. Where you do want to be cautious, however, is with very young, newly-franchised companies that are still gaining traction. In those cases, it’s best to talk with a franchise attorney before you sign any kind of agreement––just to be safe.

This is another case where doing your homework can eliminate the worry. Talk to the companies current franchisees, franchise professionals, and personal contacts you think could shed some light on the company’s future.

If you have concerns about moving forward with a low-cost franchise, we’d be happy to answer any questions you have and point you in the right direction.

Whether it’s budget, time, or your ability to do the job, we’ve helped all of our franchisees overcome the hurdles of ownership by giving them the tools and training to be experts in their industry. Click here to contact us today to start a conversation or click here to learn more about our brand and the opportunity we offer prospective franchisees.

Looking to learn what it’s like to own a Groutsmith franchise? Get a first-hand look from eight franchisees in our free Q&A guide. Click below to download.