Is my business ready to franchise?
If you are seeking growth for your business franchising has been proven as a great way to achieve rapid and sustainable but you could be asking yourself is my business ready to franchise?
Well in order to be ready to franchise your business you will need to ask yourself the following questions;
- Is my business model profitable? How long have you traded for and is your business profitable?
- Do you have a proven business model? Do you have a model that is not just based on you being great at what you do or a great salesman but a proven model that could be replicated?
- Can you transfer the skills to someone else? As above can you train someone to do what you do and effectively replicate the business and it’s profitability?
- Local markets – Is the demand for what you offer just local to you or will it be in the areas you intend to franchise? Have you proven this?
- Support – Setting up and then launching a franchise takes a lot of time & effort. When you start to recruit franchisees the work load will increase as they have paid for and will require initial and ongoing support at every stage to run the business effectively, this will take a lot of your time. Do you have the resources or can you put this in place?
If you can answer yes to all of the above then your business could be ready to franchise but you will need help from franchise consultants to create the franchise business model and help you launch.
For further information and an initial consultation with a franchise expert complete the form below