Nearly every time someone finds out I provide a free service to match people to franchises, they tell me they’ve considered or are considering buying a franchise. It’s such an intriguing venture, and everyone wants to know if they could make it work. And just like putting together a puzzle, franchise companies want to know if you’re going to be a perfect fit for their model. If you’re in the majority wondering if franchising is a smart move, here’s a quiz to evaluate yourself.
Before you go down the path of evaluating franchises, use this quiz as a guide to help you decide if franchising is a good option for you. Grade yourself in each category as either a 1 (weak), 2 (average), or 3 (strong).
· Goal Setter
· Decision Maker
· Likes to Control/Direct
· Thrives on Achieving Results
· High Confidence/Self Esteem
· Follows Business Procedures
· Fits into the Organization
· Gets Along Well with Others
How did you do on your quiz? This isn’t a pass fail; rather, it gives you insight into your aptitude for franchising. If you gave yourself mostly 2s and 3s, franchising might be a great option for you. If you have a lot of 1s, you might want to look at other options.
Now consider your qualifications. Is now the right time to start a franchise or do you need more time to prepare financially, gain additional experience, or clear your plate of some other responsibilities?
· Do you have 5 or more years of leadership experience? You are the boss as an entrepreneur, and it’s easier and cheaper to learn in someone else’s business rather than your own.
· Do you have at least $20,000 in liquid capital? This includes savings, investments, 401k and other retirement accounts, and equity in your home. Do you have at least $100,000 in net worth? This is the difference between your assets and liabilities. While there are franchises available at nearly every investment level, we strongly advise at least $20,000 in liquid capital and $100,000 net worth.
· Do you plan to invest part-time or full-time hours? Franchises are available that work around your full-time commitments including a job, another business, or parenting. Other businesses are designed for your full-time focus.
More to Consider
You made it this far – congrats! If you found that franchising looks like a good option for you, there’s more to consider. We can help you find the perfect franchise that has everything you want and nothing you don’t including what type of employees you want to manage, what hours you want to commit to your venture, if you prefer consumer or business customers, established or emerging brands, and so much more.
Contact us or schedule an appointment for a free, personalized consultation.