If your dream is to franchise internationally, there are several things you need to know. It is not easy to be an international business, but it is possible to achieve great success. You will need to consider a variety of issues that are not a problem domestically, such as dealing with different cultures, business practices, and traditions, but franchising makes these things easier to deal with because it allows your business to stay consistent, even when locating in different regions of the world.
The key to successfully franchising internationally (or domestically!) is to have a model that can be repeated. With a standardized system in place, you are able to translate whatever success you have already achieved into an international business. It is also important for your original business to have a recognizable brand value that can easily transition into a franchise. Ideally, you would like your decision to franchise to be met with an attitude of “I’d love to have that product or service in my community!” by consumers.
You will also need to consider a different variety of legal constraints and regulations when franchising internationally. This can seem overwhelming at first, which is why it’s helpful to work with someone who can guide you through the process and help you understand the issues that affect your franchise the most. You will need to first abide by local regulations set out by the FTC, and then determine how international regulations will affect your business. Every country has some sort of governing body similar to the FTC, so take the time to research your options and also your obligations.
The benefit of expanding your business internationally through franchising is that you can rely on the strengths of your business that are already in place. In many cases, it is much easier than launching an international business from scratch. If you would like to learn more, give us a call!