So, you want to be a franchisee?

Do you have the right ‘make-up’ to run a franchise?

Just because you want to run your own business doesn’t mean you are capable.

You may have the funding to buy into a franchise BUT do you have the ‘mentality’ to do yourself and the business justice?

Whilst you’ll be researching your chosen franchise business and speaking to banks, advisors, existing franchisees and doing your due diligence, the franchisor should at the same time be doing their due diligence on you.

YES, the franchisors assessment of you is important but even more critical is your assessment of yourself, your strengths/weaknesses and above all your mentality.

I pulled together this ‘cheap and dirty’ Q7A for prospective franchisees to assess if they have the ‘make-up’ to be a franchisee.

12 questions with two points for each answer (rules for marking are at the end).

If I took the test, then I would want to get to 20 points to be comfortable that I have the right mindset to be a franchisee.

Take the test – it will only take you five minutes.

There are 12 questions – all binary – agree or disagree.

ANSWER THE QUESTIONS HONESTLY.

1. I sometimes feel I’ the victim of outside forces                                     AGREE/DISAGREE
2. Generally, I work later than I plan                                                               AGREE/DISAGREE
3. Some days I feel I’ve achieved nothing                                                    AGREE/DISAGREE
4. I will always try to get something positive from a poor situation   AGREE/DISAGREE
5. I like order and regular hours                                                                      AGREE/DISAGREE
6. I don’t like relying on other people                                                           AGREE/DISAGREE
7. I will take risks if I’ve weighed up all the potential issues                 AGREE/DISAGREE
8. If I start something I will see it through                                                   AGREE/DISAGREE
9. I will generally consider other people’s views                                      AGREE/DISAGREE
10. I temper my ambition to avoid disappointment                                 AGREE/DISAGREE
11. I get real satisfaction leading a team                                                     AGREE/DISAGREE
12. I only care how much money I make                                                       AGREE/DISAGREE

 

If you answered YES to questions 2,4,7,8,9,11 then give yourself two points for each.

If you answered NO to any of the others, then also award yourself two points each.

The above is not sophisticated BUT frankly if you only scored 10 points would you be confident of running a business?

No, nor would I.