Successful Franchising – What Does It Take?

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:

1. Evaluate yourself based on success traits common to most franchisees
2. Conduct a careful investigation of any franchise you’re interested in, to understand what it takes to succeed in that specific system

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.

Franchise Readiness Self-Test

Rate yourself 1–5 on each of the following categories: (1 = Strongly agree, like Bill Gates; 5 = Strongly disagree, like Barney Fife)

Goal Orientation

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

Decisiveness

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

Leadership

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

Honesty

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

Moderate Risk Taking

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

Coachability

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)

• 6–14: Great! You show strong franchisee potential.
• 15–20: Reasonably well-suited — evaluate further.
• 21–30: You may face challenges in franchise ownership.

Look closely at any score of 4 or 5 — these areas may cause friction within a franchise system.

Investigating the Right Franchise for You

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:

• New and experienced franchisees
• High performers and average ones
• Men and women
• People from different regions

Ask questions about these three key areas:

1. The Franchisor

• Are they helpful and responsive?
• What’s their support like during tough times?
• Do franchisees trust and like the franchisor?
• Would they join the system again if given the choice?

2. The Operations

• What are the day-to-day responsibilities?
• What’s the time commitment?
• What do franchisees like most and least?
• What would they do differently if starting over?

3. The Finances

• What’s the true total investment (including working capital)?
• How long does it take to reach breakeven?
• What kind of income can be expected in year 1, 2, and 3?
• What actions influence income the most?

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.