Know yourself before starting a franchise business
Before Starting up a franchise business, you should ask....
Do I Really Know Myself?
- What are my natural aptitudes, skills and talents?
- Am I physically and temperamentally suited for self-employment?
- Do I have the ability to work hard?
- How will my family be afftected by my decision and the calls the franchise business will make on my time?
- Do I mix well with people?
- Am I prepared to deal with difficult employees and customers?
- Do I possess sufficient financial resources to enable me to start a business and survive while it is struggling to becom established?
- Am I able to raise sufficient finance?
- Am I prepared to put whatever assets I now possess at risk?
- Will the franchise business be sufficiently challenging for me?
- Does it excite me?
- Am I prepared to handle the everyday details of running a franchise business?
- Am I determined enough to succeed?What do I want to achieve in life?
What am I looking for
- Job satisfaction?
- Capital gain?
- To earn lots of money?
- An investment (absentee owner)?
1. Has the franchised business been thoroughly proven in practice to be successful?
2. Are the franchise products/services new?
3. Will the franchise products/services appeal to the Philippine marketplace?
4. Does this franchise business have staying power?
5. Is it in a growth area?
6. Is that growth a fad or mere fashion and thus transient?
7. Is it, alternatively, in an area of decline?
8. How compet1t1ve is the market for the particular franchise products/services?
9. How compet1t1ve is the price of the franchise product/service?
10. Can this compet1t1veness be maintained?
11. What is the source or supply of the goods?
12. Will the products need to be imported?
13. What are the duties and restrictions for any importation?
14. Are alternative local sources of franchise products/services of comparable quality available?
15. Are the franchise products/services based upon a trademark?
16. Is there adequate back-up in terms of guarantees and service facilities?
Source: Business Line Vol. 2 No. 4 2004A Special Publication for Plantersbank Clients and Friends