Businesses that are suitable for franchising should be able to answer “yes” to most of these questions:
- Have you run a successful business for at least one year and preferably two or three?
- Is it profitable?
- Can you produce audited accounts?
- Have you proven your concept? Will it survive in the long term?
- Do you operate in a niche market or offer something different in an established field?
- Can your business be replicated and easily taught?
- Can you offer a business that is interesting and one the owner would be proud to own?
- Can you demonstrate a commitment to long term success?
- Can you offer leadership, strong management, motivation and support?
- Can you offer a franchise at a cost that is good value for money and can provide a decent return on investment in the short to medium term and a good living for its owner?
- Have you got the money to fund your franchising and have you the patience to see it through, realising that franchising is a slow process and it could take several years to make it a success?
Finally, ask yourself this these question:
Have you taken independent specialist advice as to the suitability of franchising as a growth strategy for your business?
If you were looking to buy a franchise yourself, would you be interested in this one?
If the answer is yes to both questions you are probably ready to franchise to commence the franchise development process.