Personal Interview Questions

• What are you currently doing?
• Why are you looking to change your current career?
• Why are you interested in owning your own business?
• Are you looking at other options of owning a business including:
• Becoming an independent consultant
• Developing a startup business
• Purchasing an existing business
• What goals have you set for yourself in your new business?
• When would you like to have your new business open?
• What is your time frame for opening a business, and what is driving this time frame?

• Your work history from present back to college or high school.
• Past or present business ownership?
• Likes and dislikes about your work experience or previous business?
• Education?
• Veteran? What did you do in the military? Rank?
• What part of your current, past jobs or businesses owned have you liked doing the most? The least?
• List your skills and evaluate how well you perform each.
• Describe the work environment that is most appealing to you most?
• Does it matter what the product or service of the franchise business is, or does the business potential matter more?
• Do you have sales experience? Business development? Consulting experience? Management experience?
• Are you comfortable with sales and the sales process? Cold Calling?
• Do you have experience managing employees? Did you enjoy it?
• Do you want a business that is related to your past work experience or business ownership?

• Will your spouse be involved in the business? In what capacity?
• Does your spouse support the concept of you going into business?
• What is your spouse’s profession? Income?
• Will you have any partners? Will they be active or passive participants?

• Are you interested in a home-based, office-based, mobile, retail or food-related business?
• Do you plan on being an active (owner-operator) or a passive (absentee) owner?
• Part-time or full-time business?
• Would you want your business to provide services or products to other businesses, to consumers or both?
• Are you looking for a business that will build equity or build cash flow?
• What is your exit strategy for the business that you buy?
• How many years you are expecting to operate your new business?

• How long have you been looking for a business?
• What businesses have you looked at?
• Why didn’t you buy any of the businesses that you looked at?
• Even though you didn’t buy what did you like and dislike about the businesses?
• Are there any types of businesses that you would like to explore - disregarding experience and financial consideration?
• Are there any types of businesses that you would definitely not like to explore?

• How many hours per day are you willing to work in your new business?
• Weekends? Holidays? Nights?
• Do you want a business where you can have family involvement?
• Where do you want the location of your business? Close to home? Within 30 minutes? Open to location? Willing to relocate?
• What are your hobbies and other interests?
• Do you like to help people, coach, or teach? Take care of people or animals?

What is your investment range for a new business?

How much capital do you have to invest? Liquid Capital? Net Worth?

Can you afford to go without a regular income during the startup phase of your new business? For how long?

What are your financial goals? Year 1, Year 2, Year 3?

How do you see your lifestyle changing as a result of meeting your financial goals?

How do you feel about the risk of becoming a business owner?

Are you considering financing options? Family? Home Equity? SBA? Other?

Do you have a 401K or other retirement plan that could be used to buy your business?

How much equity do you have in your home?

Do you know your credit score?

• Build a single unit
• Develop multiple units
• If so, how many?
• Develop a City or Region

• How long do you think you would own this business?
• Would you be looking to sell it at that time? To Whom?
• Provide it to family?

The above are topics of conversation; not questions.  Remember, a conversation is a two-way street.   The information above is to prepare you for questions, but more importantly, to spur questions from you.