Do you have the necessary qualities to succeed as a franchisee?

  Answering and then scoring the following questions will get you into the right mindset to begin the introspective exercise of determining whether a franchise is right for you.

QUESTIONS??

Answer all questions with an "A", "B", or "C" response.

1.  I need to control everything and like to make all the decisions myself.  How true is this statement for you?

  A.  Partially true
  B.  Completely true
  C.  Completely untrue


2.  Are you able to handle the day-to-day operation of a franchise business, which often includes taking over the duties of an absent employee?

  A. Yes, definitely.
  B. Not sure, but  would give it a try.
  C. No, it would be too difficult.

 

3.How strong is your motivation and drive to achieve success?

  A. Extremely strong, nothing will stand in my  way.
  B. Strong, but other things in life are also important .
  C. Success in business isn’t one of my goals.

 

4.  Do you equate buying a franchise with “buying a job”?

  A. No, not at all.
  B. Yes, in some ways.  I’m tired of job interviews.
  C. Yes, definitely, I’m unemployed.

 

5.  Are you prepared to work long hours to make the  business succeed?

  A. Yes, as long as it takes.  
  B. Maybe, if it doesn’t interfere with my recreation time. 
  C. No.  Life is too short to work so hard.

 

6.  Are you able to work without supervision and a support staff?

  A. Yes, definitely.
  B. I would give it a try but I work better with a structured staff. 
  C. No, I’m too used to working with a boss and other staff.

 

7. Are you able to organize your time and set priorities?

  A. Yes, I almost always do “first things first” and then go through the rest of the tasks.
  B. Yes, except if things get too hectic, then I seem to fall apart.
  C. Yes, but I don’t like to plan ahead so sometimes things are done on time and sometimes they aren’t.

 

8. Have you had 5 years or better of managerial or teaching experience?

  A. Yes.
  B. Less than 5 years experience.
  C. No, never had managerial or teaching experience.

 

9. Have you ever hired and fired employees?

  A. Yes, I’ve done both without any  problems. 
  B. Yes, but I hate it, especially firing employees, so I tend to allow poor employees to stay on.
  C. No, it was never part of my job.

 

10.  Have you ever trained personnel?

  A. Yes, and the majority of people work out well and stay on the job.
  B. Yes, but it’s not my favorite chore and many new hires leave.
  C. No.

 

11.  How do you feel about performing a sales function?

  A. I like making sales and like to convince people to buy my product or service.
  B. I’m not crazy about making sales but I know it’s an important function.
  C. I hate to make sales and would not expect to be involved in sales in any way.

 

12.  Do you presently have sufficient capital (through personal funds or loans) to get through the start-up phase of a business?

  A. Yes, I’ve been planning for it.
  B . I don’t have it now but I have a pretty good idea where I can get it.
  C. No, I hope to start making money immediately.

 

13.  Franchisees often sign documents with investors and lending institutions and maybe leasing companies and others.  Are you mentally prepared for financial risk?

  A. Yes, I understand and accept the risk.
  B. Yes, but I would be shattered mentally and emotionally if I lost money.
  C. No, I worked too hard for my money to put it at any kind of risk.

 

14.  Is your spouse supportive of you starting a business?

  A. Yes, very.
  B. Don’t know.
  C. No, not at all.

 

15.  Do you give up easily if things don’t go as well as planned?

  A. No. I am very persistent.
  B. Sometimes I give up pretty easily, but other times I persist.
  C. Yes, I go on to the next challenge.

SCORING SYSTEM

Give yourself 3 points for every A answer, 2 points for every B answer, and 1 point for every C answer.  Click on the button below

Your Answers to this short quiz will give you some initial indication, but for a more in-depth appraisal consider my colleague Michael Childs great Franchise Buyers Guide and Workbook.