If you have created a business and it is now starting to grow, one popular option is to put yourself out there as a franchise opportunity. Not only can you attract people to invest time and effort into your expansion, you can also use it as a way to develop your brand into new regions.
But what key pieces do you need to have in place to succeed as a franchise?
Get the Right Advice and Guidance
Franchising is not simply about hiring out your business to numerous other individuals. You need to have a strong plan in place that includes finding the right people, operating in the best locations and providing the support your franchisees require to succeed. If you don’t know your franchise contracts from your terms of agreement, it’s a good idea to get advice.
We can explain and show you how to bring your brand into better alignment with the potential franchise opportunity.
Be Sure You’re Ready to Expand
One of the keys to operating a successful franchise is knowing that it’s the right time to expand. Just because you’re busy doesn’t mean that developing new offices, shops or restaurants is going to work in the same way. Do your research and find out if you’re business is truly ready. Most franchisors start with one or at most two franchisees to see how this fits in with their plans for growth. As with any business opportunity, overstretching yourself can lead to problems and be a recipe for failure.
Offer a Good Deal
People don’t take on a franchise because they want to work hard but earn no money. There needs to be something in it for them and that potential needs to be obvious from the outset. If you are not prepared to reward your franchisees for their success, they’re unlikely to stick around for the long term. You’re also not likely to attract the kind of investors who will have a significant and positive impact for your brand.
Offering a franchise is great but, just as with employing staff, you really need to be selective. It’s not simply about someone having the money to invest – they must show the potential to succeed and share the same values as your brand. Putting in the right selection processes can be difficult which is why it’s a good option to talk to a franchise specialist that knows what they are talking about.
Provide Great Support
Again, it’s not a case of take the money and hope for the best. The most successful franchises offer a good support network that brings new franchisees along and allows them to develop. If your franchisees have this in place, they are not only more likely to succeed and increase your profits but they’re also more likely to stay around.
There are a lot of pieces that go into making a franchise opportunity a success and having them all in place takes a lot of thought and work.
A franchise specialist who has specific knowledge of your industry or sector will be able to help you bring all these factors together, ensuring that you give yourself and your business the best chance of success.
To find out more about how we could help to grow your business into a national brand
call us on 07795 960320 for a free, no obligation, 30 minute consultation.