Try This Quiz To Know If You Have the Right Stuff

Those thinking of investing in a franchise are cautioned that they truly need the right stuff to be a successful franchise owner. Before they buy, they need to be able to answer yes to these questions:

1. I am willing to work very long hours
2. I personally have the financial wherewithal to get the business off the ground, and if I don't, I am willing to borrow the necessary funds
3. I have at least five years of relevant experience, preferably management experience
4. I am good at sales and marketing
5. I am willing to take a risk with money to make money
6. I am willing to follow the system, even when I disagree with it
7. I can live without the certainty of a regular paycheck and benefits

It describes the "average franchisee" as male, mid-40s, owns a few franchises and went to college. "Potential franchisees are people looking for a change, maybe someone in mid-career, maybe even someone who was recently laid-off."

Did the Small Business columnist of USAToday get it right?