Why Self-Assessment is Important when Considering Franchising

Jim Gormley, President, The Franchise Consulting Company Canada • June 8, 2020

self assessment when considering Franchising

If you’re considering buying a franchise, it can be an exciting, rewarding, and lucrative way to run your own business. However, to be happy and successful you need to be the right fit for the role. This is true of any career option you consider.

In our Choosing the Right Franchise video, we talk about the three critical items that you want to know about when choosing a franchise: The Franchise Self-Assessment (FSA) can be an important tool to guide your decision making about whether or not you would be well suited to a franchisee role. The FSA is merely one tool that you can use in your decision making process. Our Franchising for New Canadians series will provide you with additional information and resources that you will also want to consider.

What does the Franchise Self-Assessment Measure?

The FSA measures critical traits, characteristics and aspects of your personality and how they compare to other successful franchisees. There are no “right” or “wrong” answers and your results are completely confidential.

This particular assessment was designed specifically for newcomers to franchising. It measures 10 traits that are essential to your success, and ultimately your happiness in a franchisee role.

10 Critical Traits For Franchising Success:

1 - Extraversion

Ideal franchisee candidates will be most happy working with a group, and will thrive in a leadership role

2 -Agreeableness

Ideal franchisee candidates want group harmony among their work team, with everyone working towards shared goals.

3 - Conscientiousness

Ideal franchisee candidates want to do what is right, and do it in the best way.

4 - Stability

Ideal franchisee candidates will be calm under pressure. They will remain logical and objective, even when things go wrong or if business gets exceedingly busy.

5 - Openness

Ideal franchisee candidates will consider implementing new methods of working, if there is a strong business case for trying something differently.

6 - Resolve

Ideal franchisee candidates really care about their jobs, and take personal pride and enjoyment from their work.

7 - Reliability

Ideal franchisee candidates will stand out for consistently following through on their commitments to others.

8 - Control

Ideal franchisee candidates are natural leaders who are focused on achieving success.

9 - Optimism

Ideal franchisee candidates have a positive outlook regarding people and processes, and are usually enthusiastic about innovation and new ways of doing things.

10 - Assurance

Ideal franchisee candidates are not suspicious of others. They will delegate tasks to staff and trust them to deliver results, without needing to constantly watch over them.

Additional Information to Consider:

With the results from the Franchise Self-Assessment, you will have important information to help you decide if you are well suited to franchising and are likely to succeed.

Self awareness is an important part of your research process. However, you will still need to conduct additional due diligence and research to make an informed decision about becoming a franchisee.

By completing our free Franchise Self-Assessment, you will be one step closer to realizing your dream of owning a franchise.

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8 Money Questions to Ask about Your Franchising Investment

By Jim Gormley, President, The Franchise Consulting Company Canada • December 17, 2020

It’s essential to know the total costs that are involved to ensure that the franchise is a good financial option for you. So, here are eight important money questions you need to ask to ensure that you make a wise financial decision.

Why Understanding Total Investment Cost is Essential

By Jim Gormley • December 16, 2020

If you’re thinking about franchising in Canada you need to really understand the costs that you will have to pay. It’s best if you know what the costs are going to be when you start to research a franchise rather than at the end. If you know what the costs are, then you can decide what you can afford and which franchises and brands you can consider. The total investment cost will vary based on the franchise segment (for example: retail; personal services; fast food; etc) and the brand that you choose within that segment. So, What is the Total Investment Cost? The total investment cost is typically shown as a range in the Franchisor’s Franchise Disclosure Document. It is the total of the Estimated Initial Investment. The range can include fees for a wide number of costs such as: Franchise Fees Real Estate or Rent Insurance Training Computer Software Furniture/Fixture/Equipment costs These are just some of the costs among many. Be sure to find out exactly what the total investment cost covers by asking the franchisor for a full breakdown of the costs. Franchisors will be able to give you an accurate picture of what you can expect to pay.

When to Engage a Franchise Lawyer

By Joseph Adler, Partner, Hoffer Adler LLP • September 23, 2020

Engaging a franchise lawyer at the right time in your franchise selection process can help you understand and work through important steps to help you make this important decision. This trusted advice and legal review can be critical to a franchisee’s long-term success.