Is Franchising right for me?

Written on the 12 February 2015

A brand, training, marketing, systems etc. are some of the things that are attractive about franchising.

These things often make franchising appear to be a safer option. However if you are a fiercely independent entrepreneur franchising may not be right for you. Franchisors require you to understand the Franchise Code of Conduct and to comply with the rules and operating systems of the business.

Summarised below are 20 questions to ask yourself when considering a franchise. The full article by Franchise Business can be downloaded here.

Ask yourself the following questions:

1. Do I have lots of ideas for running a business?
2. Do I listen to instructions and then do things my own way?
3. Am I good listener?
4. Will I be happy following someone else's system?
5. Do I have initiative, energy and drive?
6. Am I prepared to share my business results with other franchisees?
7. Do I find it easy to take advice?
8. Am I a good communicator?
9. Will I be happy to invest time and money in networking and attending conferences?
10. Am I prepared to treat this as my own business?
11. How much do I expect the franchisor to do for me?
12. Am I compliant by nature?
13. Can I see myself doing the same thing for five years?
14. Am I prepared to lose my investment?
15. Do I pay my bills on time?
16. Can I keep on top of paperwork and administration?
17. How do I react when things go wrong?
18. Am I a team player?
19. Will I be happy to pay royalties and fees to a franchisor even in tough times?
20. Am I prepared to educate myself about the franchising relationship and legal commitments?

 


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