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BizAssist.co.za  News
10 Questions Entrepreneurs Must Ask
By: Standard Bank Franchising
Date: 2010/06/16
You know you want to own a business. You have identified the industry in which you want to operate. One question remains: should you franchise?
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A franchise is not necessarily better than a straightforward business opportunity, or vice versa. Your choice should depend firstly on what you want to accomplish and secondly on the business model being considered.
Ask yourself the following:
1. Am I in the right age group for the business venture I’m considering?
2. Am I healthy enough to spend long hours on my feet? Or deal with the stress of balancing the books?
3. Is my background relevant to this business opportunity? Does it have to be?
4. Am I committed enough to follow the franchisor’s business system, be hands-on and take the business seriously?
5. Do I have enough financial resources to pay the upfront and ongoing fees and sustain the business until it breaks even?
6. Can I manage people? Do I want to?
7. Do I work better by myself or with others? Franchising will require you to continuously interact with people.
8. Am I good at marketing and selling?
9. Am I disciplined and organised?
10. Do I have the support of my family? Starting a business can take its toll on your family life.
Article supplied by Standard Bank Franchising
For further information visit Standard Bank franchising portal
This article has been archived under Starting Your Business for your research purposes
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