Do you have what it takes to be a successful franchisee? If you decide to start your own franchise business, how can you be sure that you’ll have success like a “Bill Gates” rather than an experience that brings to mind “Barney Fife”?
Everyone who has seriously considered buying a franchise has likely wondered: Do I have what it takes to succeed? You might find yourself thinking, “Sure, those other franchisees seem to be doing fine… but will I?”
There are two things you can do to help answer this question:
It’s completely normal to feel nervous or uncertain. For many, buying a franchise is one of the biggest decisions of their lives. The following self-test can help you evaluate whether you’re truly ready for franchise ownership.
Rate yourself 1–5 on each of the following categories: (1 = Strongly agree, like Bill Gates; 5 = Strongly disagree, like Barney Fife)
Successful franchisees are clear on what they want to achieve — and how they’ll do it. Do you set goals and refer to them regularly? Can you build this habit into your daily workflow?
Score: 1 2 3 4 5
Successful franchisees make informed decisions quickly. They are not procrastinators. Do you act promptly once you have the information you need?
Score: 1 2 3 4 5
Leaders aren’t assigned — they step up. Do you naturally take charge and feel confident making decisions? Do people tend to follow your lead?
Score: 1 2 3 4 5
Integrity is crucial in franchising — with staff, vendors, and the franchisor. Are you someone whose values and ethics are never in question?
Score: 1 2 3 4 5
Franchisors aren’t looking for thrill-seekers — or the overly fearful. Can you take calculated risks after doing your research and minimizing uncertainty?
Score: 1 2 3 4 5
Franchise systems work because they’re replicable. Are you comfortable following a proven system, even if it means giving up some control?
Score: 1 2 3 4 5
Total Score: ___ (Add your scores above)
Look closely at any score of 4 or 5 — these areas may cause friction within a franchise system.
Beyond evaluating yourself, your success also depends on choosing a franchise that fits. The best way to figure this out is to talk to existing franchisees — they know what the job is really like; it's commonly the best way to find and evaluate a franchise opportunity.
When you receive a Franchise Disclosure Document (FDD), it will include a list of current franchisees. Call them. Don’t just talk to one — speak with a mix of:
Ask questions about these three key areas:
Once you’ve gathered this information from enough sources, you’ll get a clear picture of what it takes to succeed in that franchise.
If it still feels like a good fit — great. If not, keep looking.
There are many great franchises out there, but not every franchise is right for every person. The key is to find the one that aligns best with your goals, personality, and strengths.
And with that alignment, you’ll be one step closer to your own version of Bill Gates.
