Is Franchising For Me Quiz

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* 1. This short quiz will give you and I the opportunity to assess if you have the personality, temperament, and financial foundation to own a business and more specifically a franchise. To facilitate this, please provide me with your contact details so I can provide you with the results of this quiz and what implications it has for your suitability for business ownership.

Name

City/Town

State/Province

ZIP/Postal Code

Country

Email Address

Phone Number

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* 2. What is motivating you to start looking at business ownership opportunities right now?

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* 3. Do you feel comfortable taking direction from others and being a team player? Are you comfortable being a leader, director, coach?

Yes

No

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* 4. In your current work environment, when given instructions for a project from your manager/boss, would you agree that you are more inclined to follow their direction than trying to put your own spin on things? Would you consider yourself a flexible person, able to modify your efforts and perspectives as situations dictate?

Yes

No

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* 5. Are you comfortable working as a promoter, sales and/or business development person (please note, I'm not asking if you have sales experience, more so if you are comfortable taking on this kind of responsibility. If you are a "work behind the scenes" kind of person then you should answer "no" to this question)

Yes

No

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* 6. If you were put in charge of running a whole division of your company and were given a detailed operations manual to do so, would you follow it? (Answer "no" if you are more inclined to reference such a manual but will feel compelled to add your own spin to things given your experience).

Yes

No

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* 7. Very few businesses - franchise or independent - make money right away. In fact it's pretty common you could go 8 - 12 months without being able to take out any income. Do you have alternative sources of income, savings that would be separate from the cash you'll invest in the business, or a spouse with sufficient income that you can cover your living expenses during this start-up period?

Yes, I plan to keep my day job.

Yes, we have enough saved away plus cash for a business investment.

My spouse makes enough that we could live on their income while a business ramps up.

Not sure we would have enough to fund that kind of ramp up period.

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* 8. Most franchise opportunities require investors to come to the agreement with at least $50,000 of their own cash plus the ability to qualify for financing, should that be required. This implies a credit score of 680 or higher and some sort of collateral like a home with equity, securities, bonds and/or retirement/pension funds. Does this sound like you and a level of investment you are prepared to make?

Yes

No

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* 9. What is your approximate net worth (Assets minus Liabilities/Debts)?

Over $2MM

$1MM to $2MM

$500,000 to $1MM

$250,000 to $500,000

Under $250,000

Not sure

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* 10. Are you realistic in understanding that owning a business requires work. Hard work. Just because you buy into a franchise doesn't guarantee you will be successful (it will certainly give you a leg up), and do you understand that? With that in mind, does your spouse/partner also understand the effort required to start a business and do they support this effort?

Agree

Disagree