Why Franchise My Business? Save on Expansion
Your business is strong and thriving, so it is natural to want to expand it. 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 expanding your business through franchising does not cost money, people, or time, but it is a growth strategy that costs considerably less.
Franchisees Invest in Their Own Success
Because a highly motivated franchisee is the one paying the investment costs for their location, your business will not be responsible for fronting money for deposits or locations. Not paying these costs yourself—or borrowing money to do so—still lets you profit from expansion even though someone else is paying for it.
Replace Store Managers with Store Owners
A huge roadblock to businesses that are looking to expand is finding and training a qualified management team. It is often the case that a business owner will spend time and money recruiting and training the perfect manager, only to have that person quit or get hired by a different company. When you choose franchising as your expansion strategy, 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. In situations with hard-working franchise owners, the unit tends to perform better than it would if it were a second location of a business. Again, when it comes to the question of “why franchise my business,” you’ll find that there are a lot more advantages than disadvantages
Store Owners Spend the Time to Do It Right
Starting a business is a lot of work, and it takes time and energy to do it right. A franchisee can spend the time dedicated to building a strong business unit, marketing, finding a site, negotiating a lease, hiring and training staff, the list goes on. A franchisee can spend the time doing these things without worrying about how other locations are faring.
Provide Guidance–One of the Advantages of Franchising
The most important job of a franchisor is providing guidance, materials, and processes to new franchisees. When you make the decision to franchise your business, you will need to take the time to develop materials that your future franchisees can use to get started. The experts in franchise development at Accurate Franchising, Inc. assist our clients with this process. Developing your materials takes time and effort, but when it’s done right it pays off.
Still asking yourself, “What are the advantages of franchising my business?” Get in touch!
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