Sarah Barker | SSB Consulting

Franchise Consultant  & Recruiting Specialist

Located in Boise, ID, but I work with clients in all states.

            208.724.1731

           Sarah@SSBconsulting.us

 

 

 

 

 

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Do you have what it takes to own a franchise? take the self assessment 

Self Evaluation questions

There is no right or wrong answer, this is for you to reflect on.

Personal goals

What do you want?


What’s holding you back?

What is it costing you to continue holding back?

What Are You Doing To Not Achieve Your Goal?

 

What will happen if you don't buy a business?

 

What does success look like to you?  And what are you willing to do to make it happen?

If your current job would change tomorrow (layoff, termination, merger, etc)what would you do?

If you changed jobs, would you be able to replace your income? 

When you ask your friends or family about you being your own boss how do they respond?  

What does your goals for five years from now look like?  Are you taking the steps to accomplish that goal?

Franchise ownership self survey* write the answers to each question, don't over think it.  wait to read the section below until you have answered all the questions. 

  1. What are your reasons for wanting to own a franchise? Is it for the money? Is it to be your own boss? Is it to make your own hours? Is it because you’re bored with your current career?

  2. Do you enjoy working hard, even if the reward seems distant?

  3. Are you a risk taker?

  4. How important to you is money vs. job satisfaction?

  5. How resilient are you?  When you meet resistance, how do you handle it?  

  6. How well do you accept advice? Are you receptive towards franchisors training?

  7. What are you sales skills? Can you demonstrate sales skills to others?  How about managing employees, are you good and training and motivating others?  How will you feel about hiring and firing employees? 

Reflecting on your answers

  1. Answer # 1 This is possibly the most important question you can ask yourself before entering into the world of franchising. While you probably won’t get rich (at least not immediately), and you will probably have to work long hours, the end result is a sense of self-satisfaction and long-term results are typically well worth the wait.

  • Buying a franchise is probably not a good idea, if you are just seeking relief from your current career or just looking to “get rich quick”. Successful business owners typically put in many years of solid focus and hard work before they start reaping the full financial benefits of owning their own franchise. It is always a good idea to talk to several different current franchisees about their experience, work demands, and lifestyle. By doing this, you have a true feel of what it is like to own your own business.​

  • Answer # 2 If you have a strong work ethic, and you don’t need the benefit of immediate payoffs, then franchising might be the place for you. Not to say that it is slave work, but remember, this is your investment so it will require you to put in extra hours and it is common not to make a lot of money in the first two years of your franchise. You will have to be patient.

  • Answer # 3 Regardless of the angle, franchising is considered a risk. While there are fewer risks involved in the world of franchising, there is still a risk involved. You can mitigate some of the risk by carefully assessing your franchise options before buying. Be sure to have candid conversations with the franchisor about their business model, challenges, opportunities, etc. Talk to many different franchise owners to get their perspectives. Do those owners have similar personality traits as you do? Do you relate to them? Can you see yourself in their shoes? Ask the franchisor for their honest assessment of you – do they think you have what it takes to be successful as a franchise owner? Don’t let your excitement and enthusiasm trump a real honest assessment of whether a particular franchise is a good fit for you.

  • Answer # 4 View answer number 1 for money satisfaction, but how important is it to you that you build something for you and your family?  Is having control over your day and financial future important to you?  

  • Answer # 5 One thing that all successful business owners will tell you time and time again is the reason for their success is tenacity.  Do you quit, or blame others when things don't go your way?  Or do you figure it out?  It's important to be very honest with yourself when reflecting about this question.

  • Answer # 6  Owning a startup and owning a franchise are two different mentalities.  The reason to own a franchise is to buy into a proven concept, so evaluating yourself and how receptive you are to guidance is important.  Owning a startup is total control, owning a franchise is being in business for yourself, not by yourself.  

  • Answer #7 Really assessing your overall business skills matters.  If you don't have some of these skills, do you have the capital to hire someone to gap the need?  Or, are you willing to learn and be open to guidance to develop these skills?