What Questions Should I Ask Myself before Buying a Franchise?

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While other people focus on problems, you focus on assessing solutions when buying a franchise. While some people fear failure, you view setbacks as opportunities to learn. And perhaps the biggest differentiator: where other people see risk, you see opportunity.

There’s no doubt about it: you’re a classic entrepreneur. While other people are content to work for others, you want to pave your own way. And now, the next chapter in your life may lead you to buying a franchise.

You already know that managing a franchise is different from running a business you start on your own or buy from someone else. When you buy a franchise, you essentially buy a ready-made business model with established rules and procedures. You can make the business your own, of course, but within certain parameters. This reality is a lot to absorb—and it should trigger introspective questions on two fronts:

  • Do I really have what it takes to run a business?
  • Do I really have what it takes to be a franchisee?

A businessman asking a question in a meeting

Before buying a franchise, ask yourself: Do I really have what it takes to run a business?

Notice that none of the following questions has a “yes” or “no” answer. This is by design, since introspective questions should prompt you to consider them carefully and turn them over in your mind as you decide whether buying a franchise is right for you.

Personal skills

  • How self-motivated am I (really)?
  • How is my attitude conducive to being a self-starter?
  • How have people described my communication skills?
  • What are my strengths as an organizer? What are my weaknesses?
  • Which motivational mantras will I invoke when my business hits a slow period or things don’t go my way?
  • What types of people and situations tax my patience? What steps can I take to extend my fuse?
  • How will I respond when the demands of a business encroach on my personal time?
  • What sacrifices am I willing and able to make for a business?
  • How have my family and friends reacted to the news that I’m considering buying a franchise? Can I count on their support?
  • Which personal skills do I need to improve?

Professional skills

  • What is my threshold for work stress?
  • How do I respond to crisis situations?
  • How do I respond physically to stress, long hours, and lack of sleep?
  • What helpful “escape mechanisms” will I employ when I need to get away from work and recharge my batteries?
  • Where will I turn for ideas when I must invigorate my business?
  • How do I work with and manage other people?
  • How do I picture myself selling myself—and the products or services of a franchise?
  • How can I improve my ability to solve problems for other people?
  • To whom will I turn for advice and counsel when I need it?
  • Which professional skills do I need to improve?

Before buying a franchise, ask yourself: Do I really have what it takes to be a franchisee?

Now for the introspective questions that every potential franchisee should think about before buying a franchise:

  • How will I respond to requests to provide financial information and regular reports?
  • How will I respond to coaching and advice on how to run my business?
  • How will I react when I am told to follow the franchisor’s rules, even if I think I have a better way?
  • What will I do if the franchisor turns down one of my ideas?
  • Will I trust that the franchisor is working in my best interests and for the benefit of the franchise as a whole?

Buying a franchise could be the beginning of an exciting chapter in your life—if you decide that you’ve landed on the “right” answers to these introspective questions.

After answering these questions, do you think you have what it takes to open a franchise? Get in contact with us today at Signarama to discuss your options.

4 Questions to Ask before Investing in a Franchise

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