Franchise Ownership: A Self Test
Only by having a clear understanding of yourself, your motivations and your goals, can you determine if franchise ownership is right for you. The questions and quiz below are designed to get you thinking - take your time and be completely honest. There are no right or wrong answers, only insights into your true self.
* Why specifically do you want to own a franchise? Is it to get rich, Is it to be your own boss and control your own destiny?
* Are you in good health? Do you feel able to handle the stress of starting a new business venture?
* How involved is your family in this decision making process? Do they understand the risks and commitments involved?
* What sort of hours do you prefer to work? How about working nights and weekends? What about working from home?
* How do you feel about selling? Would you rather be in an environment where customers come to you?
* Do you enjoy following a system, or would you rather do your own thing?
* Are you confident in your decision making, not needing the support of others?
* How do you feel about accepting coaching and assistance from others?
Keep your answers to these questions handy and use them as a reference tool to ensure you are choosing the franchise that best suits your style and motivations.
There are a number of characteristics that virtually all franchisors look for in prospective franchisees. As you take the self test below, give yourself a frank appraisal (from a 1 indicating a weakness - to a 3 indicating a strength) on how strong you are on each aptitude. The better you rate, the greater your aptitude for becoming a successful franchisee.