QUIZ: Is Opening a Franchise Right for You?

Vital questions before you make your move

FranchiseQuizTaking those first steps towards entrepreneurship can be an exhilarating rush. The thought of not having a boss, making your own hours, and calling the shots, is what most workers dream of. For some, that potential freedom may come in the form of buying into a franchise. “The advantage of a franchise is it’s a recognized name,” says Doug Boyce, director of the Small Business Development Center. “You don’t have to go out there from scratch establishing a reputation.”

But unlike a startup, franchises come with a load of rules and guidelines. And if you’re diligent in your research, buying into a franchise can be a long-term, unfruitful commitment. With information from Boyce, Randall S. Hansen, founder of Quintessential Careers and FranchiseHelp.com, BlackEnterprise.com created a franchise quiz. Before you make that move into world of franchising, take this quiz to see its right for you.

(Also, check out 20 Recession Resistant Franchises)

1. How true is this statement: Infusing creativity in professional or business ventures is necessary for me?

A.    Partially true
B.    Completely true
C.    Completely untrue

2. In an ideal work environment, how necessary is flexibility?

A.    Somewhat important
B.    Very important
C.    Not important

3. Since franchises are already established, with becoming a franchisee, success is guaranteed.

A.    It depends, but I understand with a franchise the risk is lessened
B.    False
C.    True

4. Being in total control and the sole decision maker is part of why I want to become a franchisee.

A.    Partially true
B.    True
C.    False

5. Do you have at least five years of managerial or teaching experience?

A.    Yes
B.    Less then five years experience
C.    No, I never held a managerial or teaching position

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