Buy Your Own Business

Personal Interview Questions (Sample)

BELOW IS JUST A SAMPLE OF THE INFORMATION THAT THE FRANCHISE RESOURCES CONSULTANT WILL BE ASKING.


CURRENT SITUATION

  • 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?

PROFESSIONAL HISTORY

  • 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?

OTHER DECISION MAKERS & INFLUENCES

  • 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?


BUSINESS GOALS

  • 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?


BUSINESS SEARCH TO DATE

  • 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?


LIFESTYLE CONSIDERATIONS

  • 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?


FINANCIAL CONSIDERATIONS

  • 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 start up 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?

GROWTH STRATEGY

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


EXIT STRATEGY

  • 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?

OTHER?

  • Are you the type of person that would be more comfortable in a “tried & true” business, unique business, or new and innovative?
  • Franchising is all about following someone else's system. Can you picture yourself in this role, executing a system you didn't create?