Franchising is a very popular way to start a business. With the right franchise you can own your own business whilst at the same time benefitting from an established and well-known name. But franchising isn’t the right opportunity for everyone. Try our simple test to see if franchising might suit you!
Is franchising the right business opportunity for you?
1. How much capital do you have to invest in a business?
A. None B. Up to £20,000 C. Over £20,000
2. How much experience do you have either in running a business or managing one?
A. Some experience B. Some experience of C. No experience of
of running. management. running or managing.
3. How much do you agree with the statement: I see myself as a natural entrepreneur, I like to pursue business ideas that no one has tried before.
A. Strongly agree B. Partly agree C. Strongly or partly disagree
4. And how much do you agree with this statement: I want to run my own business so that I can be free to do as I like and work my own hours.
A. Strongly agree B. Partly agree C. Don’t mind
5. Do you think that franchising is an easier way to make money than a traditional standalone business?
A. Easier B. More difficult C. About the same
Now add up your scores as follows:
Q1. A. 0 points B. 2 points C. 5 points
Q2. A. 3 points B. 3 points C. 0 points
Q3. A. 0 points B. 1 point C. 2 points
Q4. A. 1 points B. 2 points C. 3 points
Q5. A. 0 points B. 3 points C. 3 points
Finally, score yourself and find out if franchising really could be for you:
Under 5 points: Franchising almost certainly isn’t for you. An independent business would definitely be a better option for you.
6-10 points: Franchising could be for you, and some types of franchising could be suitable. But be sure to weigh up the pros and cons carefully before proceeding
11 points or more: Franchising could very well be for you. Don’t forget to research each opportunity carefully though.
You can find more tips and advice on franchising from What Biz Opp here: The Pros And Cons Of Franchising.