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IS MY BUSINESS FRANCHISE READY?
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Is My Business Franchisable? How to Know
One of the questions we are most frequently asked by clients is, “Is my business franchise ready?” Clients who are ready to grow their companies often see franchising as a cost- and time-effective way to do that, so they are eager to know if their businesses are good candidates for franchising.
Once you have determined whether your business is franchisable, you can go forward with a growth strategy that works best for you.
There are four main questions you need to ask yourself to determine “Is my business franchise ready?”:
1. PRIOR FRANCHISING INQUIRIES
Has someone ever asked you, “Is this business a franchise?”
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.
2. COMPETITIVE ANALYSIS
Are there already franchise competitors in your field?
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.
3. STRENGTH OF YOUR CONCEPT & BUSINESS MODEL
Can your business be replicated with a novice business owner?
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.
4. FRANCHISE PROFITABILITY
Could your business start in a new city and become profitable in a reasonable amount of time?
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.
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