QUIZ: Is Opening a Franchise Right for You?

Vital questions before you make your move

Scores:
0-15 – Franchising may not be for you. Depending on the franchise, quickly generating revenue may not be a sure shot. While the success rate for franchise-owned businesses is significantly higher than for independent businesses, no individual franchise is guaranteed to succeed,” says Randall S. Hansen, founder of Quintessential Careers, a career development Website. Given the long hours and sometimes heavy upfront fees, ask yourself, “are you ready to run your own business,” says Doug Boyce, director of the Small Business Development Center at Binghamton University, in Binghamton, New York.

For more on becoming an entrepreneur or understanding franchises, check out:

MyOwnBusiness.org

Small Business Administration

16-21 – Franchising may be a good fit, but do your research. Make sure you can cover the start up costs needed to buy into a franchise. Also make sure you know exactly what type of franchise you’re most suited for. “If you don’t do as much research as you should have and find yourself with the wrong franchise, you may be stuck for many years,” says Randall S. Hansen, founder of Quintessential Careers, a career development website. Full fledged entrepreneurship may be your actual calling since one of the drawbacks of buying into a franchise is the “contracts [that] have very explicit standards, allowing little or no alterations or additions to the brand, stifling any creativity on the part of the franchisee,” Hansen says.

For more on starting a small business check out:

Small Business Administration’s Small Business Planner

Business.gov

22-30 Franchising is right up your alley. You’ve obviously given the idea of franchising heavy thought and you’re ready to put in the long hours it takes to run a business, and participate in the marketing strategy programs, sales training and mentorship programs that many franchisors offer. “The best thing about a franchise is that you’re not alone,” says Doug Boyce, director of the Small Business Development Center at Binghamton University, in Binghamton, New York. “Most franchising companies offer a total business package, along with thorough instruction in its use,” he adds. This is likely what partially drew you to the idea of becoming a franchisee.

For more on becoming a franchisee check out:

FranData

International Franchise Association

Further Reading:

20 Recession Resistant Franchises

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