9 Questions for Prospective Franchisors

Anyone thinking of franchising their business needs to take a thorough look at their own capabilities, goals, resources and personal drive to see this ambition through. Questions to ask:

1. What are my goals? Are they realistic?
2. How much money do I have, how much do I need and where do I get it if I need it?
3. Do I have the patience, drive and ambition to build a franchise?
4. How are my people skills? Franchisors need to work well with people in a relationship of trust that will a lot of money.
5. Can I work well with a variety of different personalities?
6. How will my family react to the extra time taken to work on building the franchise instead of being with them?
7. How much control and independence can I give to franchisees?
8. Can I be a leader? Can I inspire others? Can I make people want to work with me, trust me and look to me when they need help and guidance?
9. Can I communicate clearly to people what I want them to do, train them and manage them?

Beyond the above, every prospective franchisor needs to commission a feasibility study to make sure that they have a successful business worthy of franchising. Particularly as the foundation for every successful franchise is a successful operation. This must be a proven quantity; store, product or system.