3 Questions That All Business Owners Need to Ask Themselves Before Franchising

If you’re asking yourself, “How do I franchise my business?” you’ve come to the right place. Accurate Franchising, Inc. has helped dozens of franchise brands to get off the ground and improve their performance throughout our years in business. We’ve learned from experience, not only from helping other franchise brands but through franchising ourselves – our founder, Ray Titus, is the owner of United Franchise Group and the founder of Signarama! Our wealth of knowledge has given us special insight into some key questions business owners should ask themselves before franchising. 

Is My Business Likely to Succeed in Other Communities?

So you’re running a successful small business and are wondering if franchising is the right move. The first step towards answering the question “How do I franchise my business?” is to determine its likelihood to succeed in other areas. Is your product or service highly contextualized to the area you’re currently in? Doing some initial research to determine the demand in other communities and among new demographics is key. Furthermore, consider your role in the business now. Will you be able to teach others how to replicate your success? Can your business model be broken down into actionable steps that can be taken by others? IF your answer to these questions is “yes,” you might just be in a good position to convert your business into a franchise. 

How Much Profit Do I Stand to Gain from Franchising?

It’s impossible to predict how any business will perform as a franchise. That being said, Accurate Franchising, Inc. has identified a number of indicators that can help you make an educated guess. A great place to answer this question is our website, where we’ve developed a franchise profitability calculator. It takes a number of variables into account to help you determine how much you stand to gain from making the switch to a franchise brand. If you’ve already determined that your business has the potential to succeed in other areas, a great next step is to determine how much you’re likely to benefit by using this great tool. 

How Do I Franchise My Business Without Breaking the Bank?

There’s no question that converting a small business into a franchise brand requires a considerable investment. It’s important that prospective franchisors ensure they’re well-prepared to make the switch, and that they’re in a position to profit, by considering the other items on this list. However, keep in mind that Accurate Franchising, Inc. can help well-qualified clients to secure the financing they need to expand their brand by helping them develop a comprehensive proposal that’s attractive to lenders. If you’re running a business that would make a great franchise, don’t let funding prevent you from reaching out to us!

Along these lines, some prospective franchisors may wonder if they can really afford to enlist the services of a partner like Accurate Franchising, Inc. Keep in mind, our services are designed to help you make the most of your budget and avoid costly missteps. Partnering with us actually has the potential to save you money as you grow!

Want to get an answer to the question “How do I franchise my business?” that’s tailored to you and your situation? Contact Accurate Franchising, Inc. today!