Take the Franchise Matching Quiz and Follow-Up Interview (Step 3 of 18)

Now that you have a understanding about franchising in general, thanks to the education stage, and you have context around what different business models require, thanks to the Intro Call with a Broker stage, you are ready to take the franchise matching quiz. This is an extensive quiz that is proprietary to Tracer Franchising. With almost 100 questions, this quiz covers all elements of the franchise business model, your local territory, and your personal skills, experience, and goals.

Here is a quick overview of some of the questions:

• Ranking personality traits

• Salary goals

• Exit goal

• Hold period

• Types of employees, customers, and vendors you want

• Your core competencies

• The kind of sales you would want to do

• The demand of the local market

After taking this quiz both you and the franchise broker will have a clear understanding of the kind of franchise you are looking for. It will give the broker all the information they need to make excellent franchise suggestions and it creates a checklist for you to use at the end of the research process to see if it ticks all the boxes you want in a franchise. This is a tool that takes time and effort to complete properly but will pay dividends throughout the franchise process since you will have great matches from the start and you have a clear idea of what you want in a franchise.

These articles are simple overviews of the franchise research process to know what to mentally prepare for as you begin the journey. If you want a guide that will give you the right questions to ask, at the right time, to the right person, you need to work with a Tracer Franchising broker. 

Click here to schedule a 30 minute intro call to begin your franchise research process. Our services are free since we are paid by the franchises. 

If you prefer to do the research solo, you can use the free Tracer Franchise Research app

All Steps in the Franchise Research Process

1. Franchise Education

2. Intro Call with Broker

3. Take the Matching Quiz and Follow up Interview

4. Franchise Presentation

5. Initial Call with Franchisors

6. Initial Franchise Disclosure Document (FDD) Research

7. Non-FDD Focused Calls

8. Start Funding Discussions

9. Financial Modeling

10. Speak to Franchisees (Validation)

11. FDD Deep Dive

12. FDD Review Call with Franchisor

13. Outside Research

14. Finalize Your Financial Model

15. Final Validation

16. Attorney and Accountant Review

17. Meet the Franchisor in Person (Discovery Day)

18. Making Your Decision- The Franchise Checklist