The Franchise Success Assessment

Image Source

Quiz Questions

1.
Where are you in your franchise journey?
- A.
  I'm just starting to explore franchising
- B.
  I've researched several brands
- C.
  I've spoken with Franchisors and Franchisees
- D.
  I'm close to making a decision
2.
Why are you interested in buying a Franchise?
- A.
  I want to leave my job
- B.
  I want to build wealth
- C.
  I want more control over my future
- D.
  I want a proven business model
3.
How much liquid capital do you currently have to invest?
- A.
  Under $100,000
- B.
  $100,000 - $250,000
- C.
  $250,000 - $500,000
- D.
  $500,000+
4.
How much total investment are you comfortable making?
- A.
  Under $100,000
- B.
  $100,000 - $250,000
- C.
  $250,000 - $500,000
- D.
  $500,000+
5.
How long could you financially support yourself if the business did not pay you?
- A.
  Less than 3 months
- B.
  3 - 6 months
- C.
  6 - 12 months
- D.
  More than 12 months
6.
Have you reviewed a franchise disclosure document before?
- A.
  No, I don't know what that is
- B.
  I've heard about it but haven't reviewed one
- C.
  I've reviewed one but didn't fully understand it
- D.
  Yes and I know what to look for
7.
How confident are you in evaluating franchise fees, royalties, marketing fees and other costs?
- A.
  Not confident
- B.
  Somewhat confident
- C.
  Mostly confident
- D.
  Very confident
8.
Have you spoken with existing franchisees of a brand you are considering?
- A.
  No
- B.
  Not yet, but I plan to
- C.
  Yes, a few
- D.
  Yes, several, and I compared their feedback
9.
How comfortable are you following someone else's system?
- A.
  I prefer doing things my own way
- B.
  I can follow systems if they make sense
- C.
  I'm comfortable following proven systems
- D.
  I prefer operating within a clear system
10.
Have you managed people before?
- A.
  No
- B.
  A little
- C.
  Yes, in a professional setting
- D.
  Yes, I've led teams or managed operations
11.
How comfortable are you with hiring, training and holding your employees accountable?
- A.
  Not comfortable
- B.
  Somewhat comfortable
- C.
  Comfortable
- D.
  Very comfortable
12.
What role do you expect to play in the business?
- A.
  Passive investor
- B.
  Semi-absentee owner
- C.
  Hands-on owner/operator
- D.
  Multi-unit growth operator
13.
How many hour per week are you prepared to dedicate the beginning?
- A.
  Less than 10
- B.
  10-20
- C.
  20-40
- D.
  40+
14.
How comfortable are you with sales and local marketing?
- A.
  I avoid sales
- B.
  I'm willing to learn
- C.
  I'm reasonably comfortable
- D.
  I'm very comfortable promoting a business
15.
How do you usually make major financial decisions?
- A.
  Emotionally or quickly
- B.
  I ask friends/family
- C.
  I research and compare options
- D.
  I use a structured decision process with expert advice
16.
How clear are you on which franchise category fits you best?
- A.
  Not clear
- B.
  I have some ideas
- C.
  I've narrowed it down
- D.
  I know what category fits my goals, budget and lifestyle
17.
Do you understand the difference between revenue, profit, cash flow and owner income?
- A.
  Not really
- B.
  Somewhat
- C.
  Mostly
- D.
  Yes, clearly
18.
How prepared are you for the possibility that the business takes longer than expected to become profitable?
- A.
  Not prepared
- B.
  Somewhat prepared
- C.
  Prepared
- D.
  Very prepared
19.
Do you have a professional advisory team, ie. Franchise Lawyer, Accountant, Lender, Franchise Consultant, etc . . . ?
- A.
  No
- B.
  I know I need one
- C.
  I have one or two advisors
- D.
  I have a lawyer, accountant, lender and franchise advisor
20.
What would help you most right now?
- A.
  Understanding whether franchising is right for me
- B.
  Learning how to evaluate franchise opportunities
- C.
  Comparing specific franchise brands
- D.
  Getting expert guidance before making a decision

Quiz Outcomes

1.
Overall Result 1
You're still early, that's not bad, it just means education should come before brand selection
2.
Franchise Knowledge Result 1
3.
Leadership & Management Result 1
4.
Lifestyle & Alignment Result 1
5.
Risk Preparedness Result 1
6.
Decision Readiness Result 1
7.
Overall Result 2
You may be a good franchise candidate but there are gaps that could cost you money if ignored
8.
Overall Result 3
You're almost ready, take the course before speaking with franchisors or signing anything
9.
Overall Result 4
You are franchise ready! Book a free 1:1 franchise strategy session
10.
Financial Readiness Result 2