Five Important Questions to Ask Yourself
Answer the following five questions honestly. Your future is at stake.
1. Do I have the right kind of personality to become a franchisee?
Working within the structure of a franchise system requires the Franchisee to have a large measure of faith in the company in which they’ve invested—the Franchisor. Franchising is inherently a bit of a dichotomy. In other words, franchisors seek out entrepreneurial individuals, yet they insist upon strict adherence to a pre-determined business plan that they have formulated, without deviation.
Ask yourself—are you willing to place your fate and money in the hands of the franchisor you select? Are you willing to follow the franchisor’s proprietary operating manual without deviating from its recommendations for a period of at least one year? If you do not answer “yes” to both these questions, you should select a different franchisor, or become an independent operator in a similar industry.
2. Do I really like the business I am considering purchasing?
Do you like the industry you’re considering—its people, and its products? Will you be proud to tell your friends and associates what your new venture is?
3. Can I physically, financially and emotionally afford this business?
Don’t get into a business that requires heavy lifting if you have a bad back. Don’t overextend yourself financially to the point where every last nickel you have is in the business. Plan on your new venture taking longer to break even than you expected. If you don’t like dealing with people, don’t go into retail. If your spouse doesn’t want you in this business, don’t do it.
4. Am I willing to follow this franchisor’s guidelines?
Do I believe this franchisor’s Owner’s Manual will provide me the roadmap for a successful journey? At first glance, it may seem easy to say “yes”, but aspects of franchising that are vital –yet often overlooked—are the guidelines for conducting outside marketing, especially before your franchise’s launch.
5. Am I satisfied with the location and/or territory that the franchisor has helped me identify?
The Number One reason new franchisees cite as to why their franchise didn’t work out as planned is “poor location”. Too often they pick a location because it is close to home or in a nice part of town. 
Never hesitate to ask questions before purchasing a franchise. If you are not satisfied with a franchisor’s answers, keep looking.
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