The fear of rejection is exceptionally powerful even if you are franchising your business. It goes to the extent that many individuals choose to live a distinct version of their lives rather than take the risk of hearing "no" from someone. Consider the scenario where you know you are meant to be in front of a camera, connecting with your audience through Facebook Lives. Despite this knowledge, you are unable to overcome the fear of others watching and judging you. This freeze response is a manifestation of the fear of rejection.
And, that’s why overcoming your fears is necessary to franchise your business successfully. Kindly go through today’s post in order to pursue your entrepreneurial goals with confidence and resilience.
How To Overcome Fears And Achieve Success With Business Franchising?
Before jumping to the solutions, respond to some of the questions:
● Do you procrastinate while sending emails or making calls?
● Does the feeling of nervousness and insecurity build while you are speaking with your clients?
● When you attend meetings or show up for your business, do you feel pinched in your body?
Well, if you have answered yes to at least two questions mentioned above - the good news is that it’s your fighting response and the bad news is you tend to make everything your enemy.
Business franchising is not an easy task to do, and if you are a beginner facing these challenges is very common. But, if you are here, it means you are looking for a way out! Consider the following points:
Identify your fears and acknowledge them openly
Researchers have proved that fear of rejection is a common psychological emotion experienced across cultures and different age groups. So to break the cycle, write down the list of the things you've been avoiding due to the fear of rejection. Dig deep and include all the things you're hesitant to ask for. When you are honest about your fears will help prevent them from catching you off guard.
Confront your fears directly and embrace rejection
Once you have identified your fears, it's time to face the reality. For example, if you are afraid of sales marketing, create a plan to make a certain number of cold calls within a certain timeframe. Are you shy or afraid of social interactions? Then you can try doing a series of Facebook Lives or engage in public speaking. Push yourself to take creative actions that help you come out from stretching your comfort zone.
Challenge yourself daily
Staying motivated is not a one-day task. Staying focused and committed is another challenge and a constant fight with oneself. Embracing your weakness and discomfort maximizes adaptability and leads to personal growth. Daily motivation expands your skill sets in business franchising and cultivates a mindset of continuous learning.
Celebrate your progress and acknowledge your bravery
Slow down and take the time to reflect and celebrate your growth. Recognize the moments when you have pushed yourself to achieve things you were wanting for so long. Train your mind to be optimistic and focus on the positive outcomes of your bold actions.
Final Thoughts
Franchising your business gets easier if you can face your inner challenges. Say YES to the thrilling journey of entrepreneurship, where every failure and rejection becomes a milestone towards your business goals.
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Opening a franchise needs a substantial investment of capital which includes a hefty franchise fee along with continuing payments and marketing expenses. Every individual does not have access to that kind of cash says, Sean Michael Malatesta.
Are you looking to invest in a franchise? If yes, then you are at right place. Actually, finding the corporate loan to fund your franchise asset is challenging as you have to navigate the numerous options available. In this article, you will get the information how you can finance the purchase for a new franchise.
Let’s have a look:
Franchisor financing:
If you want to invest in a franchise, your conversation should be direct with the franchisors. You should ask them for recommendations. Actually, they can have the contract with lenders in order to approve a loan. In fact, they can also help in shortening the process and help you open sooner.
Also, some franchisors will endow debt financing themselves. You can check this in the franchise disclosure document. Ask the franchisor if they can help in financing. Lessening the upfront cost will leave you more dough to keep your franchise profitable and developing.
SBA loans:
Another option to consider while financing a franchise is Small Business Administration’s Loan program. These loans follow the similar model to old-style term loans from a bank or alternate lender.
SBA has reduced the risk to lenders by assuring a portion of the loan amount with lower interest rates and longer repayment terms. Hence, if you have a good credit score to apply for the loan, then you should certainly apply for the loan. However, keep in mind that prerequisite standards can be strict as well as the application process is long.
Commercial bank loans:
One more way to finance the purchase of your franchise is to apply for traditional term loan from a bank. Under this model, a bank or lender provide your lump sum of cash up front which you have to repay in monthly instalments over a specific period of time emphasis Sean Michael Malatesta.
While applying for the commercial loan to buy a franchise, the lender will review your corporate plan and credit history. Actually, the lender uses these documents to evaluate your creditworthiness. You can assume that the stronger your credit history, better the terms and interest rate for your term loan to finance a franchise.
Crowdfunding:
If no franchise financing option is available then obtaining finance may require some creativity. One of the latest and creative ways of financing franchise is through crowdfunding.
You have to set up and promote your own crowdfunding page. Moreover, you can look toward particular organizations that crowdfund for businesses and franchises. There are a lot of websites that crowdfund for specific industries and business types. Crowdfunding is the best option if you have a bad credit history and you are not satisfied with the loan products and interest rates for which you qualify.
Wrapping Up
Sean Michael Malatesta – A corporate leader has given the above franchise financing options to the entrepreneurs. With all these funding options, select a path that is right for you as well as your corporate. Be careful, thorough and resourceful with the funding plan and your franchise investment will definitely flourish.
