Our franchise feasibility study is a great way to determine whether or not franchising is right for your business. What are some of the factors that need to be present in order to build a successful franchise and franchise your business?
Duplicating Your System and Processes
In order to convert your business from where it is today to a franchise model, you will need to be able to duplicate what you do. Not only must you duplicate the end result, it is also important that what you do to arrive at that result be duplicable.
For instance, if you are creating custom, one-of-a-kind, handmade products for customers, chances are that would not translate to franchise your business. However, if your business involves making consistent products that can be made by anyone with the right skills and tools, that is something that translates to franchising.
Part of our franchise feasibility study involves looking at your systems and processes and determining how easy they would be to duplicate to franchise your business.
Having Capital to Invest
It can take years for a business to see a profit and many businesses operate “in the red” for a long time. This is normal and does not mean your business is not successful. It does, however, mean it might not be time yet to franchise.
Of course, this does not mean your business model is never going to be franchise-able. You just need capital to invest when you franchise. We will take a look at what’s available and determine if now is the time to franchise or if you are better off waiting.
Offering a Solid ROI for Investors
One of the most important things potential franchisees will need to know is what ROI, or return on investment, they will get if they buy into your franchise. You need to be able to offer something solid and attractive enough to make your franchise seem like a smart opportunity for them.
Our franchise feasibility study examines the potential ROI for your franchise and helps you determine if it is something that will lure investors to your doorstep.
If you think you are ready to franchise, but you are not sure where to begin, we can help. Click here to begin our franchise feasibility study.