The Signs You Should Franchise
Before you ask how to franchise a business, you should ask if you SHOULD franchise your business. Not all businesses will make good franchises, and not all business owners will make good franchisors (or franchisees, for that matter, but we cover that in a different article). To really know if your concept is right for franchising, you should work with a competent professional to do a feasibility study, but here are some quick flags that franchising may or may not be the way for you to go:
Ten Signs you should franchise your business
- You have a proven concept
- You have a team in place
- You have been approached by multiple people asking to buy a franchise
- You are profitable
- Your business runs smoothly without your presence
- Your local business growth is starting to plateau, and you are looking for the way to the next level
- The idea of helping other entrepreneurs is exciting to you
- You can teach others to do what you do
- Your market can weather an economic downturn or recession
- Your business is high-margin<
10 signs you shouldn’t franchise your business
- Your are looking for a way to save your business
- Your business would likely fail without you behind the wheel
- You are struggling financially
- You can’t imagine moving your location, it wouldn’t work as well anywhere else
- You can’t take a day off or go away on vacation because the business would fall apart
- If your business had to give away 5% of its gross sales, it would fail
- Your business is very reliant on something that is popular in your area (surf shop, ski shop, etc)
- Your industry is facing technological obsolesce
- You love what you do and can’t imagine doing something else
- You only have an idea, not a business
If you really want to know if you and your business are ready for franchising, give us a call. One of our franchising experts will walk through all of the above considerations, and many others, and see if you are a good fit for franchising. We do not take on every client, but only those that we truly think have what it takes to make it in the franchising world.
Initial consultation and feasibly study are free, so go ahead and contact us today.
If you really want to know if you and your business are ready for franchising, give us a call. One of our franchising experts will walk through all of the above considerations, and many others, and see if you are a good fit for franchising. We do not take on every client, but only those that we truly think have what it takes to make it in the franchising world.
Initial consultation and feasibly study are free, so go ahead and contact us today.