You want to strike out for the future and be your own boss. That’s fantastic and a great opportunity for you to take control of your destiny and build a business. Setting up as a franchisee will be exciting, challenging, and hopefully rewarding – both personally and of course financially.

So before you get started, take the time to ask yourself some important questions.

Are you good franchisee material?

While there might be franchises to suit every desire, there are certain characteristics and practical considerations to take into account before plunging yourself, your family and your finances into a new business venture.

Will you prove to be a stellar franchisee, one that your franchisor holds up as a beacon to other franchisees and potential franchisees?

Here are eight questions to ask yourself:

1.  Are you an optimist?

An optimistic personality is a boon for any franchisee. When times are tough – and they will be at some point – a positive mindset will help you stay motivated, keep your business on track, delight your customers and prevent you from sinking into apathy.

2.  Do you follow rules?

Franchising works because each business model can be replicated. That means compliance is important. Compliance to systems, processes, brand requirements, operations, uniform guidelines, marketing parameters…the list of rules you will need to conform to as a franchisee goes on. If you’re simply not happy following the path that has brought success to others, then there’s not much point in buying a franchise.

If you’re more inclined to work outside the lines, to take your own approach to doing business, then why not consider a start-up of your own?

Successful franchisees see compliance as an integral part of the business equation.

3.  Do you understand the responsibilities of a franchisee?

Yes, you will have responsibilities – to yourself and your family, to your fellow franchisees, to the franchisor.

When you invest in a brand, you commit to everything the brand stands for.

You also commit to the term of the franchise, and this is a legal contract. As a franchisee you, like the franchisor, are bound by the guidelines contained in the Franchising Code of Conduct.

Apart from good business ethics, there are some pointers that are specific to the franchising sector. Take the time to understand before you buy, just what the roles and responsibilities are for both you as franchisee, and your franchisor.

4.  What’s your work ethic?

The easy-money franchise just doesn’t exist. It’s generally accepted across the sector that franchisees who put in the hours and the effort are more likely to see good returns than those who expect to have the business delivered to them on a plate.

While you are part of a larger structure in the franchise group, and are investing in the brand, training, marketing, operations manuals and support that a franchisor provides, how you run your business will to a large extent determine your success.

Hard working individuals are always welcome in the franchise sector.

5.  Do you have family support?

A strong support structure – whether that’s family or friends, depending on your circumstances – contributes to the success of a franchisee.

Greg Nathan, founder of Franchise Relationships Institute which conducts regular surveys in the industry, says "Running a business drains people's energy and affects their attributes. So if good colleagues, friends or advisors support you they can make a big difference."

6.  Are you in tip-top health?

Running a franchise when you are not in the best of health will be a challenge – starting up a new business even harder.

Be honest about whether or not you are healthy enough to take on the demands of a franchisee, particularly if you are considering roles that require a lot of physical activity.

You want to be able to set up the business, manage it to success, and choose your moment to exit – not be hindered or dictated to by the state of your health.

7.  Are you passionate?

Ask franchisors what they are looking for in a franchise buyer, and they will always cite passion. It makes sense. Everyone wants to have franchisees who believe in the brand, in the franchise model, who are passionate about delivering great customer service, who have a real love for building their business.

8.  Are your skills franchise-friendly?

Lots of franchisors embrace franchisees with no experience in their chosen field, but many (depending on the type of franchise) are looking for some business skills.

Attributes such as good customer service, sales and organisational skills are popular with franchisors. But above all, a can-do attitude works wonders!