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.
Is Franchising For Me 15 Questions to Ask Yourself - To learn more about this author, visit Bob Richman's Website.
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