Colin Ong TS

Article Summary:

Is owning a franchise the right decision for you?

Franchise Suitability Checklist

You are at the crossroads - is a franchise suitable for you? I have developed a quick checklist for you to make the final decision.

For simplicity, all questions are crafted to be answered as "yes" - after finishing this checklist, you can then seriously consider being part of a franchise.

Do you want to lead an independent life?

Are you aware that many franchises fail during the first 2 years of operation?

Do you have the support of your family when you choose a franchise?

Do you know enough of the franchise's industry?

Are you resourceful enough to use internet and trade publications to supplement your understanding of the franchise?

Do you have your own database of contacts that can support your franchise?

Do you have enough financial liquidity to pay for the franchise initial investment?

Along the same lines, do you have enough liquidity to spare if there are extra expenses needed for promotional purposes?

Do you agree with the organizational values of the franchise?

Are you confident in meeting the various targets set out by the franchise?

Are you diligent in following the various conditions of the franchise?

Do you have an exit strategy when the franchise has helped you realize your personal targets?

Are you willing to travel to promote the franchise with its owner in trade conferences?

Mr. Colin Ong TS is the Director of MR=MC Consulting Pte Ltd ( which specializes in Corporate Training, Career Guidance and HR Content Producing. Their mission is to "create training programmes in the area of creativity, branding and innovation for organisations and educational institutions." A sought-after public speaker, Colin is also the copyright owner of the B2F2B Model.

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