How do I know if I'd make a good franchisee?
Personal Assessment
The first thing you need to do in deciding whether or not franchising is for you is to take a good, long look in the mirror. Only by having a clear understanding of yourself, your motivations and your goals, can you make this decision. The questions below are designed to get you thinking - when answering them, take your time, write down your answers, and be completely honest. There are no right or wrong answers, only insights into your true self.
Personal
Why specifically do you want to own a franchise? Is it to get rich, is it to not have to work hard or work long hours? Is it to be your own boss and control your own destiny? Is it because you just can't stand what you're doing now?
How motivated are you by money? Do you feel a need or pressure to make more money?
Do you find that you work hard all the time, regardless of whether the task has an immediate reward?
Are you willing to give up the benefits and perks you may have in your existing position in order to get a new business off the ground?
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? Will any of your family members be involved in any aspect of running the business?
Does your family support what you are doing? Do they fully understand the risks and commitments (time, emotional, financial, etc.) involved?
Work/Business Environment
How well do you fit in a corporate environment? Do you like working for someone else, or would you rather be your own boss?
Do you need to be the one in charge of all decision making, or would you rather have someone else make the major decisions, knowing that the decisions could cause the business to either succeed or fail?
What sort of hours do you prefer to work? Do you need a set schedule? How about working nights and weekends? Is there a limitation to the number of hours per week you are willing to work?
Do you prefer to work from your home? How about going to the same location every day (ie: an office or retail space)? Or would you rather be "out and about", calling on customers and not working in a defined space?
How far are you willing to travel to get to work each day?
How do you feel about selling? What types of sales are you most comfortable with - (business to business, retail, business to consumer)? Would you rather be in an environment where customers come to you?
How well do you work with others? Think about your relationships all around you: with employees, employers, customers, family and friends. Would you prefer to work with many other people, or would you be happier working alone or with only a few other people?
Do you enjoy following a system, where the process is spelled out for you? Or, would you rather "do your own thing", creating and modifying the process along the way?
How do you react when you have an idea that is not supported by your boss, even though you are convinced it would be beneficial for your organization?
When you make decisions, do you require a great deal of support before you are comfortable you made the right decision? Or are you confident in your decision making, not needing the support of others?
How well do you multi-task?
How do you feel about accepting coaching and assistance from others?
Are you "set" in your ways? How do you feel you deal with change?
As you continue to investigate the world of franchising, you will ultimately choose the franchise or franchises in which you are the most interested. Keep your answers to these questions handy and use them as a reference tool to insure you are choosing the franchise that best suits your style and motivations.
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