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It is a big decision to take on a franchise. You need to do considerable research, ensure support from your family, secure the right funding and find a business sector you are interested in.

 

So following detailed preparation how do you know if you will be successful? Take our Card Connection What Franchise Quiz to see if you are likely to become successful in this dynamic industry. Quiz compiled by Andrew Cutler, Sales & Franchise Director, Card Connection.

 

Q1) What has motivated you to start franchising?

1. I like the idea of being the boss for a change!
2. It offers the chance to take pride in my work and I will know my successes are all down to me
3. Because I will be directly rewarded for the energy and effort I put into my business

 

Q2) How do you approach life?

1. I am always looking for new challenges!
2. With much enthusiasm and energy!
3. Work is necessarily a key part of my life and I would really like to enjoy it

 

Q3) How do you solve problems?

1. Leave the problem for a few days and it usually resolves itself
2. Discuss with a friend, colleague or family – two heads are always better than one
3. See problems as challenges – there is always a workable solution

 

Q4) How much research have you completed into your chosen franchise so far?

1. I am still researching
2. I have visited the franchisor and like the product and team
3. I have spent time with an existing franchisee to understand how the franchise works on a day-to-day basis

 

Q5)  What do you like about your chosen industry sector?

1. I need to decide between several industry options as I am interested in more than one
2. I like the idea of starting my own business but need to learn more about the product I will be selling to see how interesting it is
3. I am excited about the product/service I will be selling.  It is of high quality and I believe it will really appeal to customers

 

Q6) How do you respond to training and following instructions?

1. I am aiming to run the franchise myself so I hope there won’t be too many instructions!
2. Training and instructions are always useful but I often find the handy shortcuts later!
3. Following a training manual is easy and useful

 

Q7)  What financial commitment will you need to buy a franchise?

1. I am not sure yet
2. I intend to re-mortgage my house for the majority of the purchase price
3. I will need to borrow 50% of the purchase price from a high street bank.  I anticipate the remainder will come from my own personal sources.

 

Q8) How much profit will your new business make?

1. I will not know until I start running the business!
2. The franchisor’s forecast looks very positive
3. I have gone through the books with my accountant and the figures look realistic

 

Q9) What opportunity is there for expansion?

1. I will have my hands full with the existing business at first!
2. Expansion is a long-term plan
3. I would want to look at expanding within one-two years

 

Q10) How do you view your franchisor’s role?

1. Provider of the business idea and infrastructure
2. Business support
3. Trainer and mentor

 

If You Answered Mostly As
You have been looking at the idea of running your own business for some time. The idea of franchising appeals to you however, be sure to complete all research properly. Writing a tick list of items you need to look into will help you focus on the necessary details. Visit exhibitions and go online to learn about the variety of franchising options available. Talk to friends and family to gain support and be realistic about which industry sectors interest you. Spend some time on the road with a franchisee, to see precisely what the business entails on a day-to-day basis. Be sure you have checked the likely profitability of any franchise opportunity with an accountant before making any commitment.

 

If You Answered Mostly Bs
You are an enthusiastic, high-energy, ambitious person who will do brilliantly in franchising! However, detailed planning may not be your strongest suit so spend extra time researching franchise opportunities before rushing headlong into a commitment, hoping for the best! Your family’s support will be important but remember the buck stops with you and you will need to take responsibly for all aspects of the business. Consider how you would like your new business to look in five years from now, and keep in mind that you will see the fruits of your labour over the long term.

 

If You Answered Mostly Cs
You are a franchising natural! You have researched the franchising industry carefully and understand the opportunities that are available. You are clear about the financial position of the potential business you are interested in and how this could be financed. This research and attention to detail will put you in a good position for future success. You also have the potential to thrive on responsibility but remember your franchisor is there to help you, so take advantage of this valuable resource. You are prepared to work hard but make sure you still take time out for yourself and your family. Most of all have fun and be sure to enjoy the thrills and spills of running your own successful business!

Article first published on Franchise Direct: www.franchisedirect.co.uk

 

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