Posts Tagged ‘being a franchisee’

100 franchisee questions

Not all can be franchisees – there are certain personality traits and circumstances that can hinder you from being a successful franchisee.

Are you a franchisee material? Here are 100 questions to ask or answer to ultimately help you determine whether you have all the potential to be a great franchisee or not, excerpted from Franchise Bible:

1. Have you and your spouse and knowledgeable family members discussed the idea of buying a franchise?

2. Are you in complete agreement?

3. Do you have the financial resources required to buy a franchise? If not, where…

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In an effort to better the franchise units, some franchisees are trying to do things differently, even changing the way the franchise units should run. Don’t.

Following the path

Many franchisees are great entrepreneurs – They are business owners of their own brands while investing in franchise units in an effort to diversify. Many have also tried to put the best practices, from their own experiences, to work on their franchise units. Unfortunately, not many people realise that franchising is a totally different world.

Not only seasoned entrepreneurs, professionals and new entrepreneurs investing in franchise units are trying to change…

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Franchising leads to many paths

Provided you buy a franchise that allows you to be an absentee owner, being a franchisee can present you with more business opportunities.

Franchisees are comprised of entrepreneurs, professionals, retirees and many other backgrounds – This wealth of background can add diversity, leading to a stronger franchise, benefiting both franchisor and franchisee.

A chance to network and partner with fellow franchisees

In my case, being a franchisee opens up more windows of opportunities – Building a good relationship with fellow franchisees can bring you more business to your other businesses, even partnering to launch a…

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Franchise opportunity analysis

Before you sign any agreements with a franchisor, you should know the potential risks entering franchising. You should not expect your franchisor would want to reveal anything more than what is inside the UFOC (the franchise offering.)

You will almost certain to hear good words and upsides of the franchise opportunities you are interested in. However, I believe that things that are not revealed in any information regarding a certain franchise opportunity are the best guide before you do anything involving money and investment.

One of the best sources to know what you could potentially face as…

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Growing franchise

Can you get rich with franchising? Yes. Just like anything else in business world, you can achieve your financial milestones well if you do the right thing.

Being a franchisee for several years makes me realises that not all franchisees are born or created equal – The personal traits of the franchisees govern how well they can work with a certain group of franchises.

Those being said, there are general qualities that each and every franchisee has (and should acquire).

Rich franchisee poor franchisee

Inspired by the work or Robert Kiyosaki – Rich Dad Poor Dad, I…

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Personal traits

When you are looking for a franchise to invest in, you will surely be invited for a short interview to learn why you are interested in one. In some occasions, you may also be invited to take a personality assessment.

The personality assessment held by a franchisor is aiming to profile franchisee candidates in order to determine whether a candidate is suitable or best fit for the franchise. The premise: The best-fit franchisee candidates will likely to succeed. In other words, the franchise units managed by the suitable franchisees will have lower risk of failure.

As I mentioned…

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Happy family

There are certain criteria that are well-sought after by a franchisor in accepting an investor proposal to be a franchisee – And no, it is not always about how much money you have to fund the franchise unit purchase.

Your ability to fund the purchase of a franchise unit is one of the technical criteria, along with some others investment-related issues, such as your funding methods, your net worth, financial track record, and such. However, there are other criteria to help a franchisor consider a franchisee, beyond how much money you have to buy the franchise, such as…

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Birds on line

Franchising offers an opportunity for a budding entrepreneur to shortcut into entrepreneurship. Unfortunately, franchising is not for every entrepreneur.

Not all entrepreneurs can be a good franchisee – This is a fact you and I can not deny. Forcing your way into franchising can only eventually result in two exits: Struggling franchise units and going out of business.

Why entrepreneurs struggle as franchisees

By nature, born entrepreneurs are creative but having difficulty in following rules, as they think rules were made to limit their creativity. They like to play with their own set of rules and love…

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