| 1. |
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?
ANSWER : This is possibly the most important question
you can ask yourself before entering into the world of franchising.
Generally any new business wether franchising or independently owned
has its success measured against the initial and continued efforts
of the owner. When starting, you probably will have to work long hours
while you build up your business. 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. |
| 2. |
Are you driven by financial earnings? Would
you like to make more money than you are at present?
ANSWER : 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. |
| 3. |
Do you mesh well in the corporate environment?
Do you enjoy having a boss? Have you ever been referred to as a “rebel”?
ANSWER : 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. |
| 4. |
Do you enjoy working hard, even if the reward
seems distant?
ANSWER : 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. 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
any new business. You will have to be patient. |
| 5. |
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?
ANSWER : 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. |
| 6. |
Are you a risk taker?
ANSWER
: Regardless of the angle, starting a new business is considered
a risk. While there are fewer risks involved in the world of franchising
(less than 10%), there is still a risk involved. Make sure you can
handle this aspect. |
| 7. |
Do you generally have a positive outlook toward
your endeavours?
ANSWER : Maintaining
a positive attitude is a precursor to success in the franchise world.
It needs to be a priority of yours. Having a negative outlook is not
an option in this business. |
| 8. |
Do you consider yourself to be a “people
person”? Are your interactions with others effective? Do you
find that you like others?
ANSWER : 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. |
| 9. |
Can you abide with a system that is already
in place? Or do you have to have everything your own way?
ANSWER : 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 you will find success! |
| 10. |
Do you enjoy teaching and coaching? Do you take
pleasure in training and supporting others in new tasks?
ANSWER : 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. |
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