How Easy is it to Franchise Your Business?
Franchising is not a quick route to riches neither is it the solution to an ailing business. A franchise is meant to be carefully structured to ensure a win-win situation for both the franchisee and the franchisor. It takes time, skill and capital. If you want to get things right, it is vital that you do not explode from the blocks.
The average time frame for establishing an effective franchise system can take as long as 3 years. It even takes longer for the franchisee to begin to reap profits. Do you have a small profitable business that can easily be duplicated? If your answer is yes, then selling a franchise might be one of the easiest ways to grow it quickly.
Here are 3 surefire ways to know that you are ready to enter the franchise industry.
Franchisees require precise details and guidelines to get their businesses up and popping. Organization is crucial to the smooth operation of any business. If you do not have this sorted out in your day-to-day running of a business, it is simply not possible for you to sell a franchise. You must understand the intricacies of how your business works and must be able to put it down in black and white for others to follow. These are the basics for any business. If you are still struggling to lump all these things together, franchising is a big NO for you.
Do You Have a Brand?
If you want to build a franchise, you must have a brand identity first. Your brand represents your beliefs, behavior and how your customers perceive you. A franchise gives people the opportunity to broaden your scope and further drive home the ideals of your brand. It is important that you have clear guidelines in place about your brand properties or assets. It is also essential for your message to boom loud and clear. If you are considering a franchise for your business without any ideals or brand essence to boot, you are playing a risky game.
Another surefire way to know that you are ready to sell a franchise is if you are picky. You need to be touchy or a tad bit selective when it comes to choosing franchisees. Take a look at your life in general and see whether you take out time to study, ponder and make decisions or whether you are spontaneous and act without thinking too much. If you want to sell a franchise, you have to see beyond the money. It is easy to find people with money. The question that you should ask yourself is if they are the right people. Do they have the appropriate background to run a business and sustain your brand?
Franchising gives you a great opportunity to expand your business. However, do not test the depth of the waters with both feet. It is imperative that you take a hard look at your business and see if you have done what all that it takes to make it an attractive proposition.