WHO WOULD MAKE A SUCCESSFUL FRANCHISEE?
A successful franchisee should be suited to the industry of which he or she is a part, suited to the particular franchise company, and suited to the franchise system generally. Important questions to ask yourself include: Am I suited to the industry physically and by experience, education, learning capacity, temperament and financial ability? What type of work is most appealing to me; for example, do I enjoy working with food, mechanical things, people, real estate, books and recordings, sporting goods, in fitness, etc.? Am I prepared to work hard? Do my advisors, family, and friends think I am adaptable and trainable? Am I a loner - resenting authority and restraints, or can I accept guidance and direction happily? How do I personally feel about the company's image and products and services? The right answers to these types of questions help determine your potential success as a franchisee.
WHAT IS FRANCHISING?
Franchising is a method of distributing products or services. At least two levels of people are involved in a franchise system: (1) the franchisor, who lends his trademark or trade name and a business system; and (2) the franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system. Technically, the contract binding the two parties is the “franchise,” but that term is often used to mean the actual business that the franchisee operates.