Intro to Franchising IG - International Franchise Association

✔ Are the manuals updated on a regular basis?
✔ What did you do before you bought the franchise?
✔ Describe your day.
✔ How many hours a day do you work?
✔ How many hours a week do you work?
✔ How much freedom do you have to make decisions?
✔ Are you happy with your investment?
✔ Are you disappointed in any aspect of the business?
✔ Is there anything about the business you do not like?
✔ What do you like most about the business?
✔ What kind of problems do you encounter?
✔ What do you like least about the business?
✔ Would you do it again?
✔ Would you recommend I buy a franchise?
WHAT QUESTIONS SHOULD I ASK MYSELF BEFORE BUYING A
FRANCHISE?
There are three main sets of questions you should ask yourself:
✔ Do I have what it takes to start my own business/be an entrepreneur?
✔ Do I have what it takes to be a franchisee?
✔ Do I have all the answers I need about the franchise I am considering buying?
Do I Have What It Takes To Start My Own Business/Be An
Entrepreneur?
So you want to be an entrepreneur? You’re not alone! Consider these statistics:
☞ 55% of all Americans want to be their own boss.
☞ 37% of all households are involved in small business.
☞ 70% of all high schools students want to start a business.
☞ 1 out of every 25 adults is currently starting a business.
☞ 5 million people started a business in 1995.
An entrepreneur is defined as:
◆ “One who pursues opportunity beyond the resources currently controlled.”
◆ “A person who sees an opportunity and creates an organization to pursue it.”
◆ “A dreamer who attempts to turn an idea into a profitable reality.”
◆ “Anyone who assumes the risk and responsibility for starting and managing a business.”
◆ “Anyone who takes the risk of starting a business for the purpose of making a profit.”
THE IFA EDUCATIONAL FOUNDATION
An Introduction To Franchising 37