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Franchisee Checklist – Evaluating Yourself
Is Franchising Right for You?
Before you invest in a franchise, it’s important that you take time to consider your own strengths and weaknesses before entering into serious discussion with any franchisor.
In evaluating your suitability for becoming a franchisee, these are some of the questions you should ask yourself.
Answer them honestly. Afterwards, you may want to discuss your thoughts with a trusted friend of family member. Having a good understanding of yourself is key to creating a good foundation to go after your franchise ownership dream.
Your Investment Capacity
- Do you have sufficient resources to get a business off the ground and survive the initial start-up phase, or can you raise the needed funding?
- Could you cope with any losses or unexpected setbacks while building the business?
- Are you prepared to put your assets at risk?
Your Abilities
- Would a franchise allow you to utilize your natural aptitudes, skills and strengths?
- Are you at your best doing mental tasks?
- Are you at your best doing physical tasks?
Your Ambitions
- Do you believe a franchise will be sufficiently engaging for you over the period of a franchise agreement term?
- Can you achieve what you are looking for through this venture, whether it’d be job satisfaction, desired income, work schedule, etc.?
Your Ambitions
Handling the Job
- Do you believe you have the physical and mental temperament for self-employment?
- Will you be able to handle staff?
- Can you accept the discipline of a franchise system, including the franchisor's authority?
- Would you be better off becoming self-employed through an alternative route?
Demands on Yourself
- Will your age and health permit you to run the business long enough to recover your investment and make the effort worthwhile?
- Do you have the ability and commitment to work hard, even “after hours”?
Demands on Your Family
- Does your family fully support your venture?
- Will your family be able to cope with the demands of the business on your time, especially in the beginning?
- Will any of your family be able, or willing, to help you?
Family Support
Once you've done your self evaluation, you'll be even more prepared to browse top franchise opportunities.