Is my business ready to franchise?
Are you seeking business growth and wondering whether franchising is right for your business and that is your business ready to franchise?
The main fundamental questions you need to answer the question is my business ready to franchise are as follows;
- Are you a successful business? – I know what this sounds like but many new franchise businesses simply do not have enough proven track record to franchise. Ideally you are going to need a min of 3-4 years showing profitable and sustained growth.
- Does your business transfer easily to other locations? – Let’s say you trade in Dorset, is there a market for your product and services in London, Leeds & Cornwall?
- Can you transfer skills? If you have a great business and there is a demand for it elsewhere can you recruit people that can do what do you on a day to day basis? For example let’s say you have a certain professionally qualification or maybe you are a super salesman, can these skills be transferred through training & support?
- What about support? – Setting up a franchise and then selling the franchise is just the beginning and the tip of the iceberg. When you launch a new franchise business you will need to invest heavily to support your new franchisees and help them achieve the same success you have. This will require a substantial investment in systems and your time.
To find out more about a franchising feasibility study and arrange a free consultation with a franchising expert please complete the form below;