For many people, owning a business can be a scary thought – but it doesn’t have to be. There are, of course, many reasons a business can fail, however, there are plenty of ways to start a business and succeed!
In this episode, we discuss one of the main reasons why business owners fail. Hint: It’s probably not what you think! Most people believe that businesses fail because of cash flow – but the difference between success and failure goes beyond cash. What is more valuable than cash, that can make or break a business? One word: Confidence.
Confidence is required to begin your journey to success. The confidence is already within you, you just have to embrace it!
Is Employment Hurting your Confidence?
Most people in the workforce want a job that gives them the day-to-day comfort of a steady paycheck, benefits, and a retirement plan. However, this mindset can ultimately force people into feeling like they are not cut out to be business owners. That is confidence degrading not building.
“It’s easy to get stuck in a rut where you start to believe that whatever you’re paid is what your value is,” says David Whalen, award-winning franchise broker. “People tend to look at successful business owners and wonder, why them and not me?”
Everyone has the skills to be successful. The key is finding that burning desire for success, and being willing to work hard towards it.
“You’re either going to work hard for yourself or someone else,” says David.
Confidence is the decision to commit to it.
What is Holding People Back?
For those who follow the traditional sequence of going to college and getting a job, having control of the future can become the biggest obstacle.
“When you think about it, we’re all risk-takers, no matter if you’re employed or starting a business,” says Eric Reiss.
The difference is, when you are employed by someone else, you have no control over your direct future.
“You could work your butt off, and if the company you work for isn’t doing well overall, then your career is over,” Eric explains.
But when you own your own business, all of the hard work you put in is going to pay off in the end for you, not someone else.
People with “legacy builder” characteristics are a great example of an ideal franchise owner. These types of people are never fully satisfied with themselves and are always wanting more. This mindset pushes people to become confident, successful business owners because they keep working on themselves. They take chances on themselves.
Growing Confidence
One of the most important strategies to build the confidence to start a business is self-development. No matter what you’re doing as a business owner, you’re always persuading someone. A great resource to sharpen this skill is reading sales books, or enrolling in an online sales course. The ability to continually develop yourself and your skills is important to master.
As long as you’re willing to put in the effort, you can build the confidence to start a business. You can never gain enough knowledge about being a business owner or the industry you’re getting yourself into. With knowledge also comes the development of confidence.
Where Does the Confidence to Start a Business Come From?
Franchises are a proven recipe for success. These businesses did not become successful overnight – there have been years of hard work toward developing and achieving their goals. Lucky for you, it is all laid out! If you follow the recipe they give you, success will follow.
This developed system makes franchising an approachable way of becoming a business owner.
“They want you to succeed more than you do,” says David.
Having the support of a franchise behind you- also helps to build confidence in yourself as a business owner. They focus on your talents and develop your business ownership skills. You’re not alone in the process and you never will be!
How Can FBA Help?
“It’s a journey – nobody starts with confidence about it at the beginning,” says Sabrina. You grow it through an active effort and through saying “yes” to the opportunities in front of you.
This is why enlisting the help of an FBA Broker can be a crucial part of finding a GOOD franchise, that is the right fit for you. With the right tools and teams, confident business ownership becomes achievable. This becomes a life-changing experience, where you too can be exceptional!
Ready to chat? Contact us today!
Watch the full episode below to hear more on this topic from Sabrina Wall and guests.
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