Pet Franchise

5 Ways that Help Venturists Overcome Entrepreneurial Fears

5 Simple Solutions to Stop the Fear of Business

It happens to everyone. The stress of deadlines, a precarious boss, and the jitters of corporate America make employees less inclined to try. Our fears deters us. Have you ever been to nervous to try something new? Too afraid of the what-ifs, the unknowns, that it stopped you from taking a risk? It stopped you from achieving a personal dream?

Don’t live with the regret of not taking the plunge, and being stopped by your own anxiety.

Paralyzing Fear of Failure Stops People from Moving Forward

The dead end job archetype doesn’t have to be a dead end. Often times complacency and unwillingness to take risks is what halts careers. This is a natural problem of the corporate atmosphere.

  • Reluctance to try new things and take risks keeps individuals from professionally growing.
  • Procrastination stemming from a fear of failure stops people from following through. Employees are crippled by deadlines and expectations.
  • Low self-esteem and confidence makes people less inclined to try. Less motivated to speak up at meetings, or volunteer to spearhead new company projects.
  • Perfectionism curbs goals. It makes people only try things they know they are good at. Entrepreneurially, this hinders individuals to grow their skill-set to tackle new business ventures.

 

Conquer Your Fear

Grab the bull by the horns. Don’t let go.

March into your boss’s office and tell them what you’re capable of. Volunteer for that project you know will challenge your skills. Take the leap. Quit your job and invest in the franchise opportunity you have always wanted.

Don’t go into retirement thinking “what if” or “I knew I had the potential, why didn’t I just do it.”

1 Analyze all Potential Outcomes

Fear stems from the unknown. In the business world, it’s a matter of gaining success and seeing fiscal results. The fear comes from not knowing if you are experienced enough to accomplish this.

Draw out the risks. Understand all possible outcomes.  Know the constructive actions you can take to prevent the undesirable ones. Ascertain the steps needed to make ideal outcomes happen.Take command of these steps and realize you have control over them.

Say you want a promotion from sales to the marketing department. You realize the outcome is that you may not get the promotion. Accept this, not as an inevitability, but as stepping stone.

If your request is rejected. Now your boss realizes your ambition, and willingness to grow in the company. This eases your fear of asking.

Ideally, you will get the promotion. What do you need to make this happen? Leverage, a presentation of results for the company, or maybe it’s simply the courage to ask.

2 Think Positively

Life is perception. Everyday when you sit down at your desk or cubicle you have two options about perceiving that space. It is a place of growth. Or, it is a place of entrapment.

Positive thinking is an entrepreneurial tool–a resource. This resource lets business owners control the space around them–the challenges they face.

An example from the pet franchise is maybe your client base is seasonal and based on ‘snowbirds.’ Thinking positively about this fluctuation of clients helps you brainstorm ways to capitalize on the time of year you know business will be strong.

3 What is the worst case scenario?

Realizing the worst possible outcomes puts things in perspective for you. If things go wrong, what is the sequence of events that leads to this? What can you do to prevent this?

Say you open your own small business. You went independent or found a franchise opportunity you really like. You observe a market gap. Develop a product or service that fills the gap. You take out an SBA loan, and open your doors. The worst case scenario is that your business becomes a statistic that fails. You may have to liquidize. You may have to declare bankruptcy. Realizing this as a rational fear helps revoke the power the fear has over you.

Now, what can you do to prevent this from happening?

Make sure the market gap you are trying to fill is wide. Explore mutually beneficial franchise opportunity with more support that will gear you with proven methods of success. Consult with business coaches to help research target demographics, and develop marketing campaigns. Calculate the risks you take. Realize success never came from not trying.

4 Craft your Contingency Plan

In business, things happen that are unpredictable and uncontrollable. Things happen when we fail to act.

For example, you take on a project you have never done before. You pursue a franchise opportunity in a college town. You choose price points that align with the college student budget. You don’t realize that without Greek endorsement, businesses don’t last in that town. Your sales numbers start off slow because you can’t get customers in the door.

The contingency plan might include outreach into the Greek life of the college town. The franchisee will want to explore other demographics in the area. See if you can generate interest outside of the target audience. Next, they will want to run promotional sales and events to appeal to the customer base.

All these ideas are constructive part of a contingency plan that can turn a franchise opportunity around from failure, to success.

5 Set Realistic Goals

Fear of failure can result from fear of setting goals. The adage, ‘take one day at a time’ works. List out tasks that are feasible for the day.

Your goal might be, I need to hire employees for the franchise opportunity investment I just followed through on.

A feasible way to approach this goal is to start at the beginning. It might be to write a job posting on LinkedIn, Angie’s List, or Craigslist. The next day you start scheduling interviews.

By the end of the week you would have conducted various interviews, and now have options for hiring.

Run the mile first. When you’re ready, take on the 5K. This translates into the business world perfectly. The mile is the courage to starting the research into franchise opportunities. The 5k is owning your own business.

Good luck. Take deep breaths, and don’t live with regrets.

 

5 Must Read Tips for Buying Pet Franchise Insurance

What to do After Due Diligence

After deciding on the pet franchise that best matches your needs and vision, every business owner needs to purchase insurance. Splash and Dash Groomerie & Boutique advises new owners through the process of buying. The company also has a minimum for coverage.

Since animals are involved, owners are encouraged to rigorously do their research while shopping. There are standard insurance providers, as well as insurance catered specifically for the pet industry. Pet insurances providers cover pet businesses from grooming locations too a single dog walker.

The first Step, Assess Your Pet Franchise Risks

When browsing around for quotes you will need to know what you should look for in insurance providers. This is a two way street. Before issuing insurance, providers go through underwriting–a process of evaluating the business owner’s risk. The insurance company will determine your risk while reviewing your application. They will assess whether they will provide the total, or a portion of your requested amount.

Underwriting is based on risk factors associated with your business like building type, location, local fire protection services, and the amount of insurance you request. These factors determine your premium. Insurance premium is the price you pay. A deductible is the amount agreed upon you will pay if you file a claim.

Usually, the rule for this, is the higher the deductible, the lower premium. Be aware that exceptions happen. If you opt for a high deductible you are taking somewhat of a financial risk. Do your homework. Assess what insurance packages will best protect you, your employees, and your customers.

Quotes and Shopping Around

A good resource is The National Federation of Independent Business. Although those going with a pet franchise can ask the advice of seasoned franchisee owners, and the franchisor. The extent and costs varies depending upon the specifics of your company, or franchise.

Those interested in the pet franchise will need very specific coverage. You will want to get quotes from pet insurance providers that solely cover pet businesses. Two reputable providers that Splash and Dash Groomerie & Boutique likes as options are Petpro and PetBiz. Petpro is partnered with National Insurance Program group, and can provide good coverage without  the gaps that a business owner policy might have.

But going with a standard insurance policy can also have it’s advantage, so again, take the time to compare prices.

Consider a Business Owner Policy

Business Owner Policies (BOP), can be cheaper than buying insurance options “al la carte,” or separately.  Coverage purchased separately usually has higher total premiums. A standard BOP converges options of property, general liability, vehicles, and business interruption. Pet franchises will want strong liability insurances for unforeseen events involving animals.

Your business may require additional coverage that is not always included in the BOP packages.

Choosing to go with a BOP can help simplify the process and can save you money.

Seek Out Reputable Brokers; Licensed Agents

Commercial insurance brokers acts as a liaison between insurance providers and your business. For simpler insurance like auto insurance brokers are not needed, but for small businesses it is a good idea for new entrepreneurs.

Brokers receive commissions. Depending on the situation, a broker’s commission comes from the insurance provider, or the business owner.

Brokers and agents are licensed, but finding a good one is comparable to finding a good lawyer, or an accountant. Ensure your broker has your interests in mind, and knows all risks of your business. Most states provide a directory for finding a broker. You can also refer to testimonial pages on Yelp or LinkedIn.

Assess Your Coverage Regularly

Insurance protects your business, but as your business expands, the protection will need to match. If your franchise is seeing huge growth and you decide to expand, make sure you speak with your insurance provider before increasing business. If you purchase or replace any grooming or business equipment, you will also want to contact your insurance provider. Discuss all changes of business.

You should plan for an unsteady future. Unforeseen events and disasters can disrupt business. You will want to be covered if there are any interruptions to business, you experience dishonesty in employees, or the unthinkable happens.