Is Franchising Right for Me?
A Self-Survery to Help You Find Out.
The intent of this self-evaluation is to determine your potential success as a franchisee. There are a number of standard traits that practically all franchisors look for in prospective franchisees. As you peruse the following list, give yourself an honest assessment on each characteristic.
- Customer Focused
- Quick Learner
- Managerial Skills
- High Confidence Level
- Follows Basic Instructions Well
The next section of our “Self-Evaluation” will give you an adequate reading on your suitability.
- We recommend taking out a blank piece of paper and spend quality time writing down answers to each of these questions.
- Do not read the section below the questions, prior to answering the questions. This is important because it could sway your answers.
- Be honest and avoid overanalyzing yourself. Honesty is the key to this evaluation. Remember, there are no right or wrong answers – the more honest you are with your responses the better you will be able to make the right decision about whether business ownership is the right path for you.
- Your answers will help you to make an informed decision about entering the world of franchise ownership.
- What are your reasons for wanting to own a franchise? Is it for the money? Is it to be your own boss? Is it to make your own hours? Is it because you’re bored with your current career?
- Are you driven by financial earnings? Would you like to make more money that you are at present?
- Do you mesh well in the corporate environment? Do you enjoy having a boss? Have you ever been referred to as a “rebel”?
- Do you enjoy working hard, even if the reward seems distant?
- Are you independent? Do you seize initiative? Or do wait for others to take a leadership role? Do you seek others approval before making a decision?
- Are you a risk taker?
- Do you generally have a positive outlook toward your endeavors?
- Do you consider yourself to be a “people person”? Are your interactions with others effective? Do you find that you like others?
- Can you abide with a system that is already in place? Or do you have to have everything your own way?
- Do you enjoy teaching and coaching? Do you take pleasure in training and supporting others in new tasks?
Answer # 1 This is possibly the most important question you can ask yourself before entering into the world of franchising. While you probably won’t get rich (at least not immediately), and you will probably have to work long hours, the end result is a sense of self-satisfaction and long-term results are typically well worth the wait.
Buying a franchise is probably not a good idea, if you are just seeking relief from your current career or just looking to “get rich quick”. Successful business owners typically put in many years of solid focus and hard work before they start reaping the full financial benefits of owning their own franchise. It is always a good idea to talk to several different current franchisees about their experience, work demands, and lifestyle. By doing this, you have a true feel of what it is like to own your own business.
Answer # 2 Your self-motivation will be the characteristic that holds you steady when the going gets tough. Keep this in mind as you decide to go into the franchise industry – if you lack motivation, franchising is not for you. Money is certainly a good motivator, but be cautious here. Buying a franchise is not a guarantee for financial success. It requires a tremendous amount of discipline, hard work, and patience. As with any new business venture, it will take time to establish your business, your customer base, and fine-tune your operations. While increasing your earning potential is a great motivator, you should also enjoy working hard, building your franchise business, and being a proud business owner.
Answer # 3 Go for it if you enjoy being your own boss. Those who are content with others in authoritative positions probably won’t fare too well as a franchisee. When you own a business or franchise, you call the shots – you are the captain of the ship. If you work well independently and are self-motivated, then owning a franchise could be a good fit for you. On the flip side, if you don’t enjoy having to manage people and be “the person in charge” with all that responsibility, then owning your own franchise may not be a great fit for you.
Answer # 4 If you have a strong work ethic, and you don’t need the benefit of immediate payoffs, then franchising might be the place for you. Not to say that it is slave work, but remember, this is your investment so it will require you to put in extra hours and it is common not to make a lot of money in the first two years of your franchise. You will have to be patient.
Answer # 5 Self-reliance is a necessary trait in the world of franchising, since it is imperative that you’re capable of handling the day-to-day business affairs. However, there is solace in the fact that when you own a franchise, you receive a lot of support and training from the franchisor – which is a significant benefit of being a franchisee.
Answer # 6 Regardless of the angle, franchising is considered a risk. While there are fewer risks involved in the world of franchising, there is still a risk involved. You can mitigate some of the risk by carefully assessing your franchise options before buying. Be sure to have candid conversations with the franchisor about their business model, challenges, opportunities, etc. Talk to many different franchise owners to get their perspectives. Do those owners have similar personality traits as you do? Do you relate to them? Can you see yourself in their shoes? Ask the franchisor for their honest assessment of you – do they think you have what it takes to be successful as a franchise owner? Don’t let your excitement and enthusiasm trump a real honest assessment of whether a particular franchise is a good fit for you.
Answer # 7 Having a negative outlook is not an affordable luxury in this business. It needs to be a priority of yours, should you go into the franchise world, to maintain a positive attitude – it is a precursor to success.
Answer # 8 Just as it is imperative to have a positive outlook, it is also important to have and utilize good people skills. If you don’t believe that your communication and people skills are up to par, then you must be willing to devote ample time and energy toward the development of these said skills. Also, as a business owner, you will no doubt be managing people. It is very helpful to have management experience, and more importantly, successful management experience!
Answer # 9 The foremost reason for the success of franchising as an industry is because the learning curve is shifted from franchisor to the franchisee. It is important to remember that there is a successful system already in place – in order for you to be successful, you must be willing to abide by the system. If you can put “your way” on hold on . . . you will find success!
Answer # 10 The mere nature of franchising calls for the ongoing support and training of employees. It will only make your days easier if you enjoy teaching and have the ability to be patient and supportive.