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Franchisee Checklist – Evaluating Yourself

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Franchisee Checklist – Evaluating Yourself
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
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
Family Support

Once you've done your self evaluation, you'll be even more prepared to browse top franchise opportunities.

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