Are You Ready to Franchise Your Business?
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.
Franchising from a Potential Franchisors Perspective