Ready or Not? Examine your strengths and weaknesses before jumping into a franchise.

Remember that Michael Jackson song, "The Man in the Mirror"? OK, so it was about changing the world, but the concept also applies to buying a franchise. When you're considering becoming a franchisee, a bit of self-examination goes a long way toward your long-term success. Realizing this, franchise consulting firm The Entrepreneur's Source (TES) has prospective franchisees fill out profiles and evaluations to determine what their goals are and whether they're really ready to be an entrepreneur.

Below is the actual evaluation TES gives to its clients. Relax: There are no right answers to the following questions. Instead, you should use these questions to take a realistic look in the mirror and determine whether entrepreneurship in general and franchising in particular is right for you.

1. What have I accomplished?
2. What am I looking to achieve in the next three to five years?
3. What are my priorities?
4. Why am I looking for a change?
5. What are my business strengths?
6. In which business areas do I need support or training?
7. If I change nothing about my standard of living, how much money does it take to run my household?
8. If I change nothing about my job, where will I be in the next three to five years?
9. What types of franchises are within my budget?
10. What criteria should I use to evaluate my franchise options?

Source: The Entrepreneur's Source

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

Science & Technology

Your Clients Are Using AI to Replace You — Do These 3 Things Before They Do

Harness these three steps to audit, evolve and future-proof your offer before AI replaces you.

Business News

What's Open on Easter Sunday? Costco and Target Will Close, But One Major Retailer Will Be Open. Here's What To Know.

The stock market was closed for Good Friday on April 18. Here's what's closed for Easter Sunday, April 20.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.