Is My Business Franchisable? How to Know

This is typically the first question we ask our clients, and this is a huge indicator that you should at least consider looking into franchising your business. When people are inquiring about whether your business is a franchise, it is often because they are interested in owning and investing themselves. If you have been asked this question more than once, you know that there is some interest in franchising your business.

The truth is that it is hard to find an industry that franchising does not already have a presence in; this is not necessarily a bad thing! If there are franchise competitors in your same industry already, that indicates that your business may have success in franchising. Even better, franchising typically dominates the spaces that it gets in, so your business has a lot of potential to grow.

The key to a successful franchise is that it is repeatable. If your business will only work with you running it, or in your specific community with your specific partners and employees, then it is not a good candidate. On the other hand, is it possible that you could take someone with little to no industry knowledge and help them successfully launch your business? If you can easily teach your business to someone willing to learn and work hard, then your business is a good candidate for franchising.

Similar to question three, this question alludes to the necessity of your business working in diverse circumstances. If your business will only work in one location or community, then it is not fit for franchising. However, if your business meets a universal need in a variety of locations and circumstances, then franchising is likely going to be the best expansion option for you.

If you can answer yes to at least three of these four items, let’s talk further to figure out “Is my business franchise ready?” Click here to contact us or complete our quick online questionnaire to set up a free consultation.