Tweet

Is Franchising For Me 15 Questions to Ask Yourself

Written by: Bob Richman

Article Overview: Have you ever wondered if you would make a good franchisee? Ask yourself these 15 questions and you might discover the answer! Franchising is a great business model, but it's not right for everyone.

Is Franchising For Me 15 Questions to Ask Yourself

Franchising is a great business model, but it's not necessarily right for everyone. These questions will help you think about some of the challenges surrounding being a franchisee.

1. Can you take direction from others? This can be difficult for some entrepreneurs.
2. Are you willing to learn (and relearn) how to run a business?
3. Do you work well with a team?
4. Can you be both the leader of your own business and a fellow colleague of the brand as a whole?
5. Are you aware that you most likely cannot change the franchise according to your own market once you sign the franchise agreement? If you think you would have difficulty dealing with a contract that will control most aspects of your business -- down to the color of the restroom tiles -- you may consider opening up your own small business rather than purchasing a franchise.
6. Are you willing to work with the advertising, marketing, and promotional material supplied to you by the franchisor - even if you think you could come up with something better?
7. Do you have the personal drive to start up and run a business? Even at 70 hours per week?
8. Can you procure the necessary capital resources to support yourself and your family through the ups and downs of starting a new business?
9. Are you comfortable both hiring and firing people?
10. Are you prepared to accept required monthly financial reporting to the franchisor?
11. Have you discussed the sacrifices that would be required of you with your family?
12. Is your family in agreement with your decision to start a franchise?
13. Are you comfortable with the loss of company benefits such as health care, retirement, vacation or sick leave?
14. Are you in good health?
15. Do you ready to accept responsibility for your financial success?

If you answered Yes to most or all of these questions, buying a franchise might be a great idea for you. Franchising has an excellent track record of success, however it is not the right choice for everyone.

Related Articles
  The Top 7 reasons why Franchising is Better than a Brand New Business
  Successful Franchisee Traits
  I Want to Take My Business to the Next Level
  Newsworthy Trends in Franchising
  What is franchising? My personal definition!

Article Tags: advertising marketing, business model, buying a franchise, capital resources, care retirement, financial reporting, financial success, franchise agreement, franchisee, franchisor, good health, necessary capital, personal drive, promotional material, restroom, right choice, sacrifices, sick leave, starting a new business, ups and downs



Related Forum Posts
Re: Re Franchise etc - [quote="bmueller47":e0j0nu4t]Can you see a shift of various types of franchises? What I am thinking about is that today it is more difficult to create franchises, that has great appeal. More and more people want to have their business, but no interference of someone else.[/quote:e0j0nu4t] Not sure what you mean exactly but it is certain that more and more people want to have their own business but not more and more people know what they really want to do, or how to do it. And that's what franchising is all about. Franchising is not for an entrepreneur. An entrepreneur will do his own thing. People who buy franchises want a turn key business, with a proven model. Franchising in the US had never been that good. I don't have the exact numbers in mind but I know for sure that franchising is growing more and more as people are getting more and more aware of this business model.
Franchising vs. Licensing? - What is your opinion on Franchising vs. Licensing? Which is better?
Nominations for a new Franchising Moderator! - Is there anyone you'd like to nominate as our Franchising Moderator (or volunteers for the position)?
Great Article, chock full of info. - Ian, Thank you for linking your article regarding Licensing vs Franchising. Its a good read.
Re: Hello from Captain Franchise - Hi BuzzAroundBooks, I actually found the site in my search for franchise networking. We're looking to make connections and also inform the general public about franchising. Franchising is often misunderstood because of the lack of knowledge. We're here to help and learn as well! Thanks!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Work at Home Moms and Their Bad Rap?

12 Principles to Spark Innovation

Five keys to business success

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.