Franchising your business is a monumental step in your career, helping you build a bigger business without having to do all of the work yourself. It also allows you to expand domestically or internationally, to a variety of locations, while you take a more hands-off approach. Growing your brand through others is a great way to turn an already-successful business into something you can be even prouder of. But you might be wondering: is my business ready to franchise? You only want to franchise if your business is ready for it, and if you as the franchise owner are mentally and financially prepared. Here are three questions you should ask yourself to determine if your business is ready for franchising.
Is your business model conducive to franchising?
The first thing you should consider is if your business model is conducive to franchising. A business that can be easily duplicated, that can be taught to franchisees, is probably a good franchise candidate. You should also consider what products or services you’d be selling, and what costs would be included with each franchisee’s franchise fee.
Do you have the time and drive to give it 100%?
Once you know you have a great franchise idea, and you’re ready to take the next step, now think about whether you’re ready for the responsibility. Although eventually franchising allows you to take a hands-off approach, and give much of the responsibility to your franchisees, you will need to devote a significant amount of time and resources to starting the franchise. Think of transitioning from your current business to a franchise model like launching a brand new business. You should be sure your existing business can thrive while you focus on the franchising process.
Do you have the right temperament?
Franchising isn’t for everyone. In addition to money and good business sense, it requires patience, good communication skills, and the ability to adapt to new challenges. Franchising can take a lot out of you and you need to be sure both you and your business are strong enough to handle it. You will find that it’s impossible to predict the exact trajectory of the franchising process. You will encounter many hurdles you didn’t expect, and other road blocks that may discourage you along the way. Finding the right franchisees is one of the most crucial parts of the process, and you should be prepared to take your time when selecting them. They are, after all, an extension of yourself and of your business. If you can keep a level head, show resilience, and adapt to difficult circumstances, you’ll be in good shape.
Hopefully these tips have helped you answer the question, “is my business ready to franchise?” For more tips, or for professional franchise advice, reach out to Accurate Franchising today.