How Do I Effectively Franchise my Business?
This is a question that many business owners ask, and we wouldn’t be surprised if you’ve asked yourself the same thing many times before. After all, once you’ve established a stable and successful business, the next step may be to turn it into something bigger to increase and diversify your revenue streams.
While opening a second or third location on your own is one way to expand your business, franchising your business can be an easier, more effective route to maximize your profits.
That’s why we’ve devised a three-step process that will turn your business into a franchise. Here’s a closer look.
Step 1: Does Your Business or Concept Make a Good Franchise?
With a successful background in the franchise consulting industry, we’ve established thriving franchises for a variety of brands. Our team knows the ins and outs of the industry, so we understand what works best for businesses looking for franchise opportunities.
In order to determine if you have a franchise concept or existing business that would make a successful franchise, we start by asking some basic evaluation questions:
- Does the business concept satisfy a basic consumer need or desire?
- Can the business concept be replicated?
- Will the business concept be profitable to the franchisee?
- Will the franchise concept be profitable for the franchisor?
- Is there enough ongoing support to keep the franchisee in the system?
Our business model revolves around building successful franchises, not franchising for any client that wants to pay us. This is the key difference, and what sets us apart, from other franchise development companies.
Step 2: Making a Decision
After we’ve determined if your existing business or your business concept will make a good franchise, you have to decide whether or not it’s the right choice for you. The experts at AFI will assist you side-by-side in the decision making process.
To determine whether you should franchise your business, we use a pointed system to explore the following facets of your business system:
Ultimately, we’re looking to check off the box at each stop to ensure that this is the best decision you can make. It’s not uncommon for someone with an entrepreneurial spirit to dream of franchising their business, but it’s critical to their success that they’ve covered every necessarily angle.
Step 3: Make it Happen
There’s a lot more that goes into this final step than simply waving a magic wand and pronouncing, “I’m ready to franchise my business!” We’ll work with you to make sure everything is aligned so that when the time comes and the work has been put in, it all comes together like clockwork.
This step includes preparing necessary documents needed to legally be able to franchise your business, such as the Franchise Disclosure Document, an operations manual, and a franchise marketing plan. Additionally, developing franchise sales, support, and training strategies will take place to ensure a great system for your franchisees and longevity of your franchise.
This entire process can happen in as quickly as 60 to 90 days, meaning you may be open for franchise opportunities in as soon as three months. But keep in mind; the time frame may vary depending on your business and circumstances.
If you’ve always dreamed of franchising your business, contact us today to speak with a representative about taking the first steps toward achieving your goals.
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