What's Holding You Back?
Leaving the relative comfort of a steady job and doing your own thing can be scary. That’s not necessarily a bad thing as manageable fear makes us more cautious and can drive the best decisions. But if fear is preventing you from achieving your goals or progressing your dreams, then you need to identify what it is that’s holding you back and address it head on.
We’ve taken a look at some of the most common things holding back future business owners. But we’d love to know what’s on your list.
FEAR OF FAILURE
Fear of failure is the biggest block for those who dream of their own business. But as the old saying goes, nothing ventured, nothing gained. If you want to start your own business, you need to accept that a degree of risk is part of the package and lean into the uncertainty in order to succeed.
That doesn’t mean you should be throwing caution to the winds and leaping out into the unknown: that’s not brave, it’s reckless. To quote another grandma favourite you need to have a good look before you leap. Arm yourself with as much knowledge as you can, plan your landing, and map out the journey ahead. Make choices that minimise risk, such as choosing a franchise rather than a start up, and set yourself some firm boundaries, like a deadline, to prevent procrastination. Once you’ve done your groundwork and your deadline approaches, gather your courage, calm your nerves, and take that leap.
I HAVEN’T GOT THE RIGHT SKILLS
If you’ve never run a business before it can be daunting to start up on your own, and you’ll find yourself wearing a lot of new hats. Many people that would love to work for themselves are concerned that they don’t have the necessary skills or experience, whether that’s in business, marketing, finance, or people management.
If this is one of your main stumbling blocks, you should consider a franchise. Past experience is not as important when starting a Franchise because training is provided by the franchisor to help you gain or bolster the skills required to operate the franchise. You will need to bring drive, enthusiasm and a strong sense of commitment, but as part of a Franchise, you’ll have a full induction, learning everything from the key policies, and budgeting, to on-the-job training. You’re also likely to have a full suite of training material and other central support resources available to you. This preparation helps set you up for potential success, and ensures you’re running your business efficiently – avoiding the mistakes many new business owners face.
LACK OF CONFIDENCE
A lack of confidence, or the feeling that you’re ‘not good enough’, is another top reason that people stick with the status quo. Being able to embrace ourselves and be content with who we are is one of the single most powerful things we can do, and plays a huge role in every single aspect of our lives, not just business. Learn to be fair with yourself, even if you can’t stop being self critical, balance it by recognising your strengths and achievements honestly. Work out what you have to give and what will make you happy, and then make it happen. You owe it to yourself.
Under confident would-be entrepreneurs may feel more comfortable with the support of a franchise network. The HQ team is just a call away, so you can get the help or advice you need from experts that understand your business inside out, as well as comprehensive training, an operations manual for you to refer to, and additional ongoing advice and support. You can also tap into the knowledge of other franchisees, with plenty of opportunities for interaction to help to cement the culture of teamwork.
IT’S NOT THE RIGHT TIME
If you find yourself using this phrase, it’s worth pausing and then digging a bit deeper until you discover the real block. Is it money? Lack of confidence? Fear of failure? Once you’ve identified the underlying cause for putting it off, you can face that head on and work it through.
If we waited for the “right time,” we would be waiting forever - until the kids are grown up, your partner secures that promotion, you finish that degree -- there are endless things you can “wait for” so this is the excuse that keeps on indefinitely. There’s no perfect time to start a new venture, and the longer you wait, the fewer quality years you have to build a successful business.
I HAVEN’T GOT ENOUGH CAPITAL
If you don’t have sufficient funds available, there are several ways to raise the money you might require, but you need to have all your figures in place before you look at the various options open to you.
You could use savings you already have or release equity from an existing asset. You may need to build your own savings by downsizing into a smaller space, cutting back on holidays or restricting expensive hobbies. Remember that you have to invest your own money before you can expect anyone else to invest their money. Once that’s in motion, look into small business loans, consider family and friends for lending, or think about partnering. There are many different kinds of loans available, so it pays to find out which type of loan would be best for you.
I DON’T THINK I’M THE RIGHT SORT OF PERSON
If you don’t think you’re the right sort of person to run your own business, then perhaps you aren’t a perfect fit for your own start-up. You need to have a great deal of drive, resilience and self belief to get a brand new business up and running. Without these qualities your chances of success become slim.
However, that doesn’t mean you have to let go of dreams of being your own boss. There is no such thing as a typical Studio Pilates franchisee - our franchise owners come from a variety of backgrounds and a wide range of personality types. You do need to be enthusiastic, committed and comfortable working within a defined framework, but you don’t need to be a business expert, an experienced manager, or a fitness instructor, as we will train you and equip you with the necessary skills to run your franchise.
If you truly value helping others and connecting with them, and believe that you can support your fellow Franchisees in a positive and uplifting way then don’t let this concern be your roadblock: Studio Pilates is absolutely for you.
What’s holding you back from taking the leap into your own business? Select your top concerns here!
MOVING FORWARD
There are so many benefits to having your own business, working on your own terms and fitting your business around your lifestyle. But there’s no denying that making the decision to be your own boss is a big one.
Make a list of all the concerns holding you back. Face them head on by writing them down. Once you have a list, you can consider each individually and deal with them one by one. They are now problems that can be solved instead of doubts weighing you down.
Once you have flushed out your main roadblocks, you will also be better able to weigh the relative merits of starting from scratch, buying an existing business, or investing in a franchise. For more on the benefits of a franchise, check out our blog post #10 Good Reasons to Choose A Franchise.
There are so many benefits to having your own business, and those that have done it successfully will tell you it’s the best thing they’ve ever done. So don’t let doubts hold you back - find out more about a Studio Pilates Franchise and make your dreams happen.
