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Franchise Focus: Pop quiz!

Franchise Focus: Pop quiz!

Posted on: March 07, 2016 | Author: ATB Business & Agriculture

Take our quiz to find out if franchising is a good fit for you.

Do you want to be your own boss?

A. It excites me, but I don't want to go at it alone.
B. Can’t wait!
C. Can't think of anything worse.

Do you know what a franchise is?

A. Yes.
B. No.
C. Kind of. I would love more information.

Do you want to invest within the next two years?

A. The sooner, the better.
B. What’s the rush?
C. Depends how much I need to invest.

Do you have your own ideas for creative elements of the business?

A. No, I just want to jump on board with an already established brand.
B. Yes, I know exactly what my business will look like!
C. I don’t have a lot of ideas, but I’m not sure if I want to give up creative control.

Have you graduated from college or university?

A. Yes, and I have some work experience.
B. No, but I have a degree from the school of life.
C. I’m currently in school.

Do you have some investment capital?

A. Yes, I have money saved for my dream!
B. No, but I can get a bank loan or find other investors.
C. I have savings but not sure I’m ready to invest it all.

How much do you have saved?

A. $50,000–$100,000.
B. $0–$10, 000.
C. Somewhere in between.

Do you have a solid banking partner like ATB?

A. Yes, I’m in great hands!
B. No, I haven’t spoken to any banks yet. (Surely that comes later?)
C. I’ve spoken to a few banks but haven’t made any decisions yet.

Do you have small business experience?

A. Yes, I’ve worked for a small business and know the ins-and-outs.
B. No, but how hard can it be?
C. A little, but I’m not sure it’s enough.

Do you spend 1–2 hours a week researching franchising?

A. Yes. I am very dedicated to my idea!
B. No, but I already know what kind of business I want to go into.
C. I have been researching it a little, but I don’t feel very prepared.

Are you flexible with your location?

A. Yes, I would move to make my dream a reality.
B. No, I love where I am. The dream can come to me.
C. If I had to be.

How committed are you to owning a franchise?

A. I will work as many hours as it takes.
B. 40 hours a week is a lot for me, on top of other life commitments.
C. I will work a few extra hours, but I still want a life.

How old are you?

A. 25–44.
B. Younger than 25 or older than 44.
C. 25–44, but still don’t feel prepared for this.

Tally up your results and see where you land.

Mostly As? You are an excellent candidate for franchising!

Mostly Bs? You are excited about owning your own business, but you have a lot of your own ideas. Working in partnership with ATB will give you the creative control you desire and allow you to get the capital you need.

Mostly Cs? You are unsure about what you want to do. Franchising or creating your own business is interesting to you, but you haven’t decided which you prefer. Keep reading our Franchise Focus articles. They could help you make up your mind.

See more posts in our Franchise Focus series:

Finding a match
5 tips to success
Q & A with a franchisee
Understanding the FDD
Your support team
Build your empire
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