Finding Your Perfect Franchise

I Am My Franchise

I Am My Franchise

When it comes to franchises, one size doesn't fit all. Your personality and natural inclinations--how you behave and make decisions--must mesh with the business you choose, otherwise you'll be going down the wrong road. Do you see yourself as calm and consistent or creative and challenging? Are you interested in working part-time from home while you pad around in your bathrobe and bedroom slippers? Or do crave to be the next franchise king in bespoke suits, opening that Far Eastern operation in Bali? Our simple quiz won't give you any definitive answers about your inner self, but it just might help you decide what kind of franchise is right for you--and which one isn't. Consider it a start. 

Quiz:

1. Which best describes your work style?
a. Part-time or flexible full-time hours.
b. Early to bed, early to rise, with reasonable hours in between
c. Love my work, so why not do it all the time?

2. Do you prefer:
a. Work that keeps you closeto home--or even in the home?
b. Work that allows you to meet new people all the time.
c. Work that keeps you focused on the details.

3. Your dream job is:
a. Something you can do out of your spare bedroom.
b. Consulting with business owners to help them succeed.
c. Owning a restaurant or nightclub.

4. How would your friends and family describe you?
a. The dependable one. You're always steady, calm, and consistent.
b. The creative one. You're always dreaming about the next big idea.
c. The wild one. No risk or challenge is too big.

5. When you think about where you want to be five years from now, it's
a. Working in a business that allows me the time I need for other activities.
b. Working in a growing business that provides a comfortable living.
c. World domination--at least in my geographic corner of this franchise system.
 



Scoring key:
For every A answer, give yourself 1 point.
For every B answer, give yourself 2 points.
For every C answer, give yourself 3 points.

If you scored:
5-8: You might be best-suited for low-stress, low investment franchises that either supplement your other work or which allow you to work part-time hours. Investigate home-based franchises or those which require minimal investment in the location.

9-12: You understand the hours it takes to run a business, but you don't want it to overtake your life. Look for well-established franchises with good track records. You might want to avoid those which require odd or long hours, such as food service or entertainment franchises.

13-15: You're a wild child, ready for anything. If it's risky or overwhelming, bring it on. You may be well-suited to franchises which allow you to express your dynamic personality and love of people. Just be sure that you're not biting off more than you can chew--never skip doing the all-important homework before you jump in.

 

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Gwen Moran is a freelance writer and co-author of The Complete Idiot's Guide to Business Plans (Alpha, 2010).

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This article was originally published in the September 2010 print edition of Entrepreneur's StartUps with the headline: Finding Your Perfect Franchise.

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