Our Franchise team help you to understand the possibilities of where franchising could take you
Here are some of the opening questions that business owners looking to franchise should be asking themselves:
1. Is my business profitable?
Franchising is a business model replicating something that already exists. A successful core operation is vital. The business must be working and working well.
2. Could my business serve its customers through a network of local branches and operations?
We want you to be thinking about the benefits a multi-business operation can bring from your brand. How might this be of benefit to the industry?
3. Do I have something that is different that I can bring to the marketplace?
Here we want you to think about whether your business has a unique USP and/or way of working that will separate from others in the current marketplace.
4. Can I document in detail the way that my business operates so that it can be taught easily to others?
Here we want you to ask yourself and be honest about the systems and processes you have in place. Are they streamlined and laid out so instructions are easy to follow?
5. Is the way that I work and operate easily transferable? Or is my business based on my personality rather than processes?
With this question, we want you to consider how reliant your business is on you being involved and hands-on within it. What would happen if you started to take more of a back seat to regular operations?
6. Have I got the financial and physical resources to invest in successful franchise development?
This question isn't designed to put you off but rather ensure you know what kind of investment you will need to put in to achieve an established and successful franchise brand.
7. Am I ready for my business role to change from business operator to franchisor?
This is something only you, the business founder/director can answer and needs to be a decision you are ready for as they couldn't be more different from one another.
8. How do I feel about fully sharing the way my business operates and giving other people the tools to run it at a local level?
If your business model is something truly unique and something no other business is doing we can understand why some people want to keep certain aspects hidden but if you truly want your company to grow in this way it is essential to be open and honest with the inner workings so your franchisees have the best chance of success and equally for you franchise brand.
9. Am I excited about the thought of other people being successful doing what I have done? Do I want to share that route map to success with others?
Similar to question 8 above, are you ready to open your business up to the world in order to create that legacy for your brand?
The above set of questions can help you initially to decide if franchising is the right route for your business growth. Any points that you may feel uncomfortable with or interested to understand more we are happy to discuss things with you at a no-obligation meeting.
