What does it cost to franchise my business?
I have had this question many times over the last 14 years or so, so what does it cost to franchise a small business? Here’s a great quote;
“If you think it’s expensive to hire a professional todo the job, wait until you hire an amateur.” Red Adair
The fact is franchising your business does not have to be expensive but it depends on two factors;
Get the right franchising advice
When you meet or speak to a franchise consultant for the first time you need to ask these questions;
- Have they ever been a Franchisor? In other words have they franchised their own business before?
- How long have they worked within franchising & what is their career background?
- Do they actually carry out any of the work or are they merely a salesman and someone else you may not even meet do the work?
- Do you have a rapport and do you believe they posses the correct industry knowledge to help you successfully franchise your business?
- Do they seem excited & passionate about your business? If no it’s unlikely they will be very successful recruiting new franchisees for you.
What are the costs to franchise my business? What are you prepared to do?
Franchising a business is a huge task, the documentation and process of franchising, in the right hands is relatively straight forward but it’s going to make a huge impact on your day to day working life. When you franchise you need to support your franchisees, this takes a huge amount of effort on your part so you need to be 100% committed before you start the franchising process.
If you are committed to growing your business through franchising are you going to have a meeting, maybe some email changes and then have someone just complete templates for you without your involvement? If you do because you do not have time to get involved then franchising probably isn’t right for your business now as a lot more of your time will be required when your launch the franchise. Also if you are too hands off how are you going to know that the franchise has been set-up the way you want it and that it fits with your long term business goals?
We have seen clients franchise a business from just a few thousand pounds but franchising a business is not like buying an off the peg suit, it needs to be tailored to the business and the amount of time you are going to invest in the process.
To find out more about how much franchising your business would cost complete the form below for a free initial consultation with one of our franchising experts;