When you are looking down the barrel of a significant life change that involves a financial investment, you are going to face pushback from your family and friends.
Starting or buying a franchise may look risky, but having a job is risky too. From health-damaging stress to the pink slips handed out during mass layoffs and company closures, the corporate life is more precarious than most executives and their families choose to admit.
Mitigating Push Back from Your Family
Going into business for yourself isn’t the kind of surprise you should spring on your spouse or immediate family without prior discussion. Objections from a close relative usually mean that person is worried about you or how such a big change is going to affect the whole family’s lifestyle. These concerns can lead to arguments and even bring your plans to a sudden halt.
There is no substitute for taking the time to explain what you want to do, what you are researching and most importantly, asking for their feedback at every stage of the decision-making process. Sharing your dreams of business ownership and inviting your family to join you as you explore your options will help them see the benefits and walk this new path at your side.
Assessing Whose Opinions are Worthy
A business venture is a major undertaking, so it is only natural for your or your spouse to reach out to trusted experts for their opinions. From your attorney to your CPA to your financial advisor, everyone you ask will know someone who tried to be an entrepreneur and failed. The problem with this research approach is threefold.
- To be good at their jobs, people in these roles are conservative. They have to be. They have a fiduciary responsibility to you and their other clients.
- As a new entrepreneur, you’ve done a lot of research and planning. You already know what to expect from your new venture. By the time you speak with these professionals, you’ve studied the market, forecasted operating costs and, in the case of a franchise, you’ve analyzed the brand’s disclosure statements. Your advisor has done none of this. Any advice they give you is based on their opinion and not on the hard data and facts with which you’ve been working.
- There is immense value in living your dream life. If you are willing to risk your paycheck and three percent annual pay raise in favor of working for yourself, earning profits related to your business acumen, that may be a risk you are more than willing to take.
Getting Advice from Experts
Entrepreneurs don’t have to go it alone. Many business owners are willing to share their experiences and entrepreneurs’ groups have a wealth of resources. However, it is worth engaging a business guide to help you identify the best business opportunity for you. They can give you the tools and equip you with thoughtful and factual answers to all the questions and objections you’ll face.
As a franchise consultant, I specialize in helping people escape their corporate jobs and be their own boss. I’ve helped more than 400 people explore entrepreneurship. Many of executives I’ve worked with have gone on buy franchises in fitness, beauty, construction and other industries.
As you explore entrepreneurship, make sure to include your spouse in the process and engage experts to help you navigate the inevitable objections from your well-meaning circle of family and friends.
David Busker is the Founder of FranchiseVision and a senior consultant with FranChoice, the premier national network of franchise consultants. David helps candidates exploring franchise ownership to set their criteria and matches them with the perfect franchise, then supports and guides them through due diligence and franchise signing. You can learn more about David at FranchiseVision.