Franchise Your Business
#1: Determining if your business is “franchisable”.
#2: Is franchising the right growth strategy for your business?
Here are some initial assessment questions:
- Is the business model replicable?
- Is there a clear differentiation from competitors in the marketplace?
- Is the business profitable? There must be a proven return on investment.
- Are their licensing requirements state-to-state that impose a barrier to entry?
- Do you have the capital reserves to implement a Franchise Program?
- Resources required: personnel, legal, marketing, operations manuals, training and technology.
- The amount will vary depending on the expansion plans: ($50K – $250K)
While franchising may be a great strategy for a proven business model, it is not always the recommended path for growth. There could be a combination of distribution means that are used such as:
- Company-Owned
- Licensing or Business Opportunities
- Distributorships
- Agency relationships
Furthermore, it is not uncommon for Franchisors to grow with 1 or more of the above-mentioned channels, in addition to selling franchises.
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Are you thinking about Franchising your business? Let’s talk.