Take time to consider your own strengths and weaknesses before you enter into serious discussion with any franchisor. The following checklists are designed to assist you in this assessment.
Franchisee Checklist - Evaluating Yourself
In evaluating your suitability for becoming a franchisee, you should ask yourself the following questions and answer them honestly.
1. Does the franchise allow you to exploit your natural aptitudes, skills and strengths?
2. Are you at your best doing mental tasks?
3. Are you at your best doing physical tasks?
Demands on Yourself
4. Will your age and health permit you to run the business long enough to recover your investment and make the effort worthwhile?
5. Do you have the ability and commitment to work hard, often during unsociable hours?
Demands on Your Family
6. Does your family fully support your venture?
7. Will your family cope with the demands of the business on your time?
8. Will any of your family be able, or willing, to help you?
Your Investment Capacity
9. Do you have sufficient resources to get a business off the ground and survive the initial start-up phase?
10. Could you cope with any losses or unexpected setbacks while building the business?
11. Are you prepared to put your assets at risk?
12. Can you raise sufficient finance?
Handling the Job
13. Do you understand franchising and what is involved?
14. Do you believe you have the physical and mental temperament for self-employment?
15. Will you be able to handle staff?
16. Can you accept the discipline of a franchise system, including the franchisor's authority?
17. Would you be better off becoming self-employed through an alternative route?
18. Will the business be sufficiently challenging for you over a period of time?
19. Can you achieve what you are looking for through this venture?
- Job satisfaction?
- Capital gain/investment?
If you'd like to learn more about the essential skills and natural personality traits common in successful franchisees, we also recommend you read the Anatomy of a Franchisee. This fun, interactive article explores the range of characteristics needed to succeed as owner of a franchised business.
Now that you have completed the self-assessment checklist, talk it over with a friend or family member. An outside perspective can provide you with insights you may overlook.