How do I franchise my small business?
A small business owner may ask a Franchise Consultant, how do I franchise my small business? Franchising is often seen as a logical next step for business growth. The dream of growing a business empire, via a franchise network as a small business owner can be tempting. And indeed the rewards of franchising a business can be a great, if you get it right.
Whether a business is large or small, the same basic rules apply to build and develop a franchise. There are many questions that need to be considered.
Areas that need to be considered particularly when franchising a small business include;
- would the goods or services the business provides, be required by anyone, in any location?
- are there any particular skills or qualifications needed to deliver the goods or services supplied?
- could any individual be trained to deliver the goods or services the business supplies?
- Is the business profitable?
Even with an experienced franchise consultant on board to advise, as a potential Franchisor you will need to ensure you have the time and resources available to build the franchise. This could be a potential pitfall for a small owner managed business that is seeking to franchise. It is important to put plans in place before you franchise to ensure stability of the core business.
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