Are you franchise material?

You need to consider if you are cut out to be a franchise owner and operator. To do this, you need to take a hard look at yourself and evaluate how you would handle the responsibilities and operations of a franchise. Obviously, you want to do this before you make what could be the biggest investment of your life. Check it out first with an experienced franchise attorney before you sign or pay any money.

Most people have the notion that in franchising a lot of money can be made with a minimum of effort. This is a serious misconception. The franchisee who works the hardest profits the most from a franchise business. Initially atleast, you must be able to make sacrifices. You must lay a strong foundation even for the most successful franchise operation. Be prepared to put in long hours of hard work and, above all, to be disappointed by your employees to a certain extent. The extent of this disappointment is directly related to how good you are at selecting and supervising people. The next consideration is how well you are organized. Last, but not least, an important factor is the state of your health.

One thing is certain: if the franchisor is merely interested in your money and does not evaluate you under certain standard criteria geared to determine your potential to succeed, there is something wrong with the franchisor. However, before you even see a franchisor, evaluate yourself. Ask yourself questions as:

• Will your franchise be taking a considerable amount of your time away from your family? If so, how do you feel about that?
• Is your family enthused about the franchise? Will you enjoy working with them if they will be employees?
• Do you enjoy working with others?
• Do you have the background or character traits necessary to succeed in owning a business?
• Do you have the necessary capital resources? Can you make the financial sacrifices?
• Are you emotionally prepared for working long, hard hours?

Don't be afraid to ask friends and acquaintances for their opinions on your abilities along these lines. Don't rely on just one opinion; get at least several.