Are you asking yourself, is my business ready to franchise? It’s something many would-be franchisors wonder when starting to research the subject. At AFI, we can help you answer that question. We’ve been in business for 30 years and have helped hundreds of clients decide if the day has finally come to franchise their brand and grow their name.
When is My Business Ready to Franchise?
The short answer is, when enough people are excited about your idea that they start asking why they can’t find your product in other locations, or better yet – if they can start selling your products, too.
Accurate Franchising has identified four main questions to ask yourself in order to know if your business is ready to franchise:
1. Do you think your business can be replicated by a new owner with little business experience?
If the answer is “I AM my business,” or it’s too complicated, or it requires professional licensing, then it might not be a good candidate for franchising. The best franchise models can be taught to new owners who can easily go on to operate successfully on their own.
2. Has someone already asked if your business is for sale as a franchise opportunity?
If more than one person has asked if they can invest in your business by becoming a franchise owner, it’s a pretty clear signal that your business is ready to franchise. When people are lining up to invest, you should be seriously considering whether the time is right to franchise your brand.
3. Is someone else having success selling franchises in your field?
Don’t be scared off by competitors who look like they’ve already figured out how to franchise your business. If there’s room for one, there’s usually room for more. It’s unusual to find a successful franchise model where there’s only one game in town – if you think your business is ready to franchise, someone may have already done some of the heavy lifting for you by seeding the market before you arrive.
4. Can you see your business being profitable in a different city or state?
If the answer is “yes,” then your business idea has enough universal appeal to be attractive to customers and investors in other markets. If it’s “no,” your brand or product might be tied so closely to your home market that it won’t translate somewhere else and franchising probably isn’t for you.
A Reputable Franchise Consultant Can Help You Decide
AFI franchise consultants are experts at helping business owners launch and grow successful franchise businesses. If you’re a first-time franchisor, or still deciding whether your business is ready to franchise, we can help you evaluate your future potential.
You can start by taking our free franchise feasibility assessment, and we’ll work with you to determine if the time is right to launch your own franchise brand. If things are looking promising, we’ll be there to guide you through every step of the franchise process.
Is today the day to franchise your business? Contact us to find out!