Personal Inventory Questionnaire
The following assessment worksheet is taken from Mary Tomzack's book, Tips & Traps When Buying A Franchise. It is designed as a rough measurement of your fit with franchising. Please write down your answers on a piece of paper. Scoring is provided at the end of this page.
I need to control everything and like to make all the decisions myself. How true is this statement for you?
- Partially true.
- Completely true.
- Completely untrue.
Are you able to handle the day-to-day operation of a franchise business, which often includes taking over the duties of an absent employee?
- Yes, definitely.
- Not sure, but I would give it a try.
- No, it would be too difficult.
How strong is your motivation and drive to achieve success?
- Extremely strong, nothing will stand in my way.
- Strong, but other things in life are also important.
- Success in business isn't one of my goals.
Do you equate buying a franchise with "buying a job?"
- No, not at all.
- Yes, in some ways, I'm tired of job interviews.
- Yes, definitely, I'm unemployed.
Are you prepared to work long hours to make the business succeed?
- Yes, as long as it takes.
- Maybe, if it doesn't interfere with my recreation time.
- No, life is too short to work so hard.
Are you able to work without supervision and a support staff?
- Yes, definitely.
- I would give it a try, but I work better with a structured staff.
- No, I'm too used to working with a boss and other staff.
Are you able to organize your time and set priorities?
- Yes, I almost always do "first things first" and then go through the rest of the tasks.
- Yes, except if things get too hectic, then I seem to fall apart.
- Yes, but I don't like to plan ahead so sometimes things are done on time and sometimes they aren't.
Have you had 5 years or more of managerial or teaching experience?
- Less than 5 years experience.
- No, never had managerial or teaching experience.
Have you ever hired and fired employees?
- Yes, I've done both without any problems.
- Yes, but I hate it, especially firing employees, so I tend to allow poor employees to stay on.
- No, it was never part of my job.
Have you ever trained personnel?
- Yes, and the majority of people worked out well and stay on the job.
- Yes, but it's not my favorite chore and many new hires leave.
How do you feel about performing a sales function?
- I like making sales and like to convince people to buy my product or service.
- I'm not crazy about making sales, but I know it's an important function.
- I hate to make sales and would not expect to be involved in sales in any way.
Do you presently have sufficient capital (through personal funds or loans) to get through the start-up phase of a business?
- Yes, I've been planning for it.
- I don't have it now, but I have a pretty good idea where I can get it.
- No, I hope to start making money immediately.
Franchisees often sign documents with investors, lending institutions, leasing companies and others. Are you mentally prepared for financial risk?
- Yes, I understand and accept the risk.
- Yes, but I would be shattered mentally and emotionally if I lost money.
- No, I worked too hard for my money to put it at any kind of risk.
Is your spouse supportive of your starting a business?
- Yes, very.
- Don't know.
- No, not at all.
Do you give up easily if things don't go as well as planned?
- No, I am very persistent.
- Sometimes I give up too easily, but other times I persist.
- Yes, I go on to the next challenge.
Give yourself three points for every "a" answer, two points for every "b" answer and one point for every "c" answer. Total up all the points.
How Did You Score?
Good news! If you've been thinking seriously about owning a franchise, you have the basic qualities and experience to succeed.
Be very careful! Think through your responses to the questions and re-assess whether franchising will work for you.
32 points and below.
Looks like trouble! Your responses indicate that either you won't be very happy or you won't be successful as a franchise owner.
After you have scored your answers, whatever the outcome, ask yourself if you have a strong desire to achieve. This is a common trait for success in both a franchise and an independent business.