Why Franchise My Business?
Your business is strong and thriving, so it is natural to want to expand it. Opening new locations is a lot of work, and it takes time and energy to do it right, which is why many business owners are turning to franchising. Below are the two biggest advantages of expanding through franchising.
Why Franchise My Business? Save on Expansion
Starting a second (or third, or fourth) location is a great expansion strategy, but it costs money, people, and time. Franchising your business can save you on these three hot commodities in ways that starting a new location on your own cannot. We certainly do not mean to suggest that franchising is free or easy, but it is a growth strategy that costs considerably less.
Why Franchise My Business? Replace Store Managers with Store Owners
A huge roadblock to businesses that are looking to expand is finding and training a qualified management team. With franchising, you substitute training a manager for training an owner. Franchisees are motivated to work hard because they have made an investment and have a stake in their business’s profits. A franchisee can spend the time dedicated to building a strong business unit, marketing, finding a site, negotiating a lease, hiring and training staff, and so on. A franchisee can spend the time doing these things without worrying about how other locations are faring.
How to Franchise My Business
There are a number of things to take into consideration before you get started on a franchise plan, and even more to think about once the process has begun. There are so many articles and tips about how to franchise a business, how do you know where to start?
At Accurate Franchising, Inc., we have identified the three phases of franchising a business.
Phase One: Initial Assessment
During the initial assessment period, you have to ask yourself hard questions about your business. During this important phase, you will decide whether your business is a good fit for franchising and, if it is, how to get started.
Three questions to ask yourself are:
- Is my business franchisable?
- Is franchising the right growth strategy?
- Do I know how to franchise my business?
Is my business franchisable?
A thriving small business is a good place to start! Your business also needs to be easily replicated in a variety of locations, appealing both to consumers and to potential franchisees. On top of that, it needs to be profitable for the franchisee as well as you, the franchisor.
Is franchising the right growth strategy?
Franchising is not the only way to grow your business. You will need to weigh the pros and cons of franchising before you learn how to franchise your business.
Do I Know How to Franchise My Business?
A major concern for many aspiring franchisors is that they don’t know how to go about franchising. The good news is you don’t have to! Rely on Accurate Franchising, Inc.’s expert franchise consultants to help you determine if franchising will work for your business. From there, we use our expertise to show you how.
Find out if franchising your business will be a good fit for you by scheduling a FREE Franchise Feasibility Consultation.
Phase Two: Franchise Development
A key part of franchising your business is developing the infrastructure to transition from a single business to a franchise. The experts at AFI show you how to franchise your business, helping you along the way, by creating a franchise plan that includes:
- Designing corporate imagery
- Strengthening your company’s branding
- Ensuring your rights to your intellectual property
- Creating a franchise business plan
- Producing training programs, operations manuals, and materials
- Making financial projections
- Obtaining franchise lawyers
Phase Three: Executing the Plan
There’s a lot more that goes into executing a franchise plan than simply waving a magic wand and pronouncing, “I’m ready to franchise my business!”
Marketing and sales are key to recruiting franchise owners. All the preparation you did in phase two will help you with this because you can show prospects the many resources and tools that you have to help them run their businesses.
If you’ve always dreamed of franchising your business, contact us today to talk about taking the first steps.
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