What it takes to be a Hotelpreneur
Why Start Your Own Business?
As a first (and often overlooked) step, ask yourself why you want to own your own business. Some reasons are better than others — none are wrong. You must be aware, however, that there are tradeoffs. For example, you can escape the 9:00am – 5:00pm daily routine, but you may unexpectedly end up working longer hours. Check the reasons that apply to you.
1. Freedom from the 9.00am-5.00pm daily work routine.
2. Being your own boss.
3. Doing what you want when you want to do it.
4. Improving your standard of living.
5. Boredom with your present job.
6. Having a product or service for which you feel there is a demand.
Which of the following phrases best describe your interest in franchising?
a. Chance to run my own business.
b. Financial reward.
c. Work/life balance.
d. Always wanted to work for myself.
e. Fits in with my other interests.
Do You Have What It Takes?
Going into business requires certain personal characteristics. This portion of the checklist deals with you as the individual. These questions may require some thought. Try to be objective.
Personal Characteristics (Yes/No)
1. Are you a natural leader?
2. Do you like to make your own decisions?
3. Do others turn to you for help in making decisions?
4. Do you enjoy sales?
5. Do you have willpower and self discipline?
6. Do you plan ahead?
7. Do people like working with you?
8. Are you good at customer service?
APPLICANT AND CO-APPLICANT
1. What does “franchising” mean to you?
2. In your opinion, how would you describe the roles of the Franchisor and Franchisee in a franchise system?
3. Do you understand that the success or failure of your business is primarily your responsibility? Please comment.
4. What are your goals and objectives for the next 5 years?
5. There are some basic ingredients to every successful business. If you are awarded a franchise, what would you do to make it successful? Please describe in detail.
Personal Condition (Yes /No)
This next group of questions, though brief, is vitally important to the success of your plan. It covers the physical and emotional strains you will encounter in starting your new business.
1. Are you aware that running your own business may require working 8 to 16-hour days, including weekends?
2. Do you have the physical stamina to handle the workload and schedule?
3. Do you have the emotional strength to withstand the strain?
4. Are you prepared, if needed, to temporarily adjust your lifestyle until your business is firmly established?
5. Is your family prepared to go along with your new career choice?
6. Are you prepared to be your own boss with no one directing your daily work activities?
Personal Skills & Experience (Yes/No)
Certain business skills and experiences are critical to being a successful business owner. Answering the following questions candidly may help you discover where your strengths and weaknesses are and if this business opportunity is right for you.
1. Do you know what basic skills you will need in order to have a successful business? If you answered yes, can you list them?
2. Do you possess those skills?
3. When hiring personnel, will you be able to determine if the applicants’ skills meet the requirements for the positions you are filling?
4. Are you comfortable hiring and firing employees?
5. Have you ever worked in a managerial or supervisory capacity?
6. Have you ever worked in a business similar to the hospitality industry? If yes, were you successful?
7. Are you good at building business relationships?
8. Are you good at multitasking?
9. Do you expect to commit yourself to the business fulltime?
10. Can you follow pre-defined operational systems?
11. Do you feel paying a fee for ongoing company operational and business support is worthwhile?
Personal Preference Q&A
1. What impact do you think the business will have on your family life?
2. How often do you think you will be able to take holidays and for how long?
Business Preference Q&A
1. What is your average income over the past three years?
2. What are your income expectations once the business is established?
3. What is the minimum income you need to make to maintain your current lifestyle?
4. What type of franchisee opportunities are you currently interested in (i.e. automotive, food, technical, etc.)?
5. How many hours do you expect to work in a typical week?
- I am prepared to work whatever hours are needed to launch the business
- I am willing to work nights and weekends
- I want to keep my regular job and work part time on the franchise
- I prefer traditional business hours
7. How long are you expecting to stay in business (years)?
8. Do you understand the need to strictly follow the franchise system? (Yes/No)
9. Will your spouse be active in the business? (Yes/No)
10. Do you plan to have equity partners? (Yes/No) If yes, please name your partners.
11. Relationship with Franchisor – What is your preference?
- A franchise with strong support but many restrictions?
- A franchise with adequate support, but more freedom and flexibility?
- A franchise with good training, but freedom thereafter?
- A true Hotelpreneur that operates independently of processes?
18. Management style
- I want a business in which I will be heavily involved in every aspect.
- I prefer to develop employees, delegate duties and build an organisation.
- I like to be in a traditional “suit and tie” business environment.
- I prefer something more casual.
- I like a combination of environments.
- I want to go with a huge, established franchise.
- I would like to join an established franchise, but I don’t mind being the first in my area.
- I would like to join an established franchise, and I would want to wait until some units are open in my area.
- I might enjoy being among the first franchisees in a young, but very promising, new franchise.
21. Please read through the following list of attributes and truthfully indicate if they do or do not describe you. Please note that there are no right or wrong answers for this list, the results merely help to indicate if you are a suitable personality type for being a Hotelpreneur.
|6||Good with children|
|9||Good at planning|
How did you score?
0-15 – This may not be the franchise for you.
15-20 – Looks promising. Give us a call and let’s talk some more.
20 or more – You may be the Hotelpreneur that we are looking for. Give us a call.