Are you suited to be a franchisee?

Greg Nathan is a psychologist who runs the Franchise Relationships Institute . He has researched the area of franchisee suitability and has found that while running a franchised business can be a satisfying and exciting experience (92% of franchisees say they enjoy their work) it is not for everyone. Greg says that franchisees need to bring a balance of attributes to the running of their franchise if they are to be successful. It is not enough to just have some money to invest in a good franchise system.

He also emphasises that being successful is more than just being profitable in the first year or two of the business. It includes being able to build customer goodwill, as this is where future sales and profits will come from. Success also means enjoying your work and being happy to belong to a franchise system and follow its various policies and approaches. According to Greg an unhappy franchisee who has a strained relationship with their franchisor will find it difficult to sustain a successful business as their energies are inevitably dissipated into unproductive areas.

The team at the Franchise Relationships Institute have developed a questionnaire to assist prospective franchisees assess their suitability to the franchise lifestyle.

If you would like to complete this questionnaire and see how you stack up go to www.franchiserelationships.com/surveys/fss