FRANCHISING 101
Is My Business Franchisable?
You have a successful business and you’ve decided you want to franchise it. How do you know if your business would make a good franchise system? Is it ‘franchisable’?
To answer this thoroughly, you can take our online Franchise Feasibility Evaluation here.
Here are some quick things to ponder . . .
Do you have a duplicatable marketing system?
Is your customer acquisition strategy something that is teachable? Can franchisees plug into it? Will it work in most markets? Having a proven, duplicatable marketing program is critical to having a successful franchise system.
If you currently get your customers solely from word-of-mouth referrals because you have a generational family business that has been around for a century, that’s not duplicatable. But, if, instead, you have a refined digital marketing system franchisees can directly apply to their local market or a proven networking strategy that anyone can learn, then we’re on the right track.
Does your business require exotic, specialized expertise?
A franchised business needs to be teachable. If you possess a highly advanced knowledge or difficult skill that took years to master, it could be a problem.
Does your business require any hard assets that will be difficult to source and scale?
Does your business require any hard assets that will be difficult to source and scale? Lots of franchises require real estate, equipment and/or vehicles. But if any of these are hard to come by and at the mercy of delicate supply chains, it’s something that will require a hard look.
These are just a few examples of the kinds of things that need to be considered before franchising your business. If your wheels are turning and you’re ready to do a deeper dive into the franchise feasibility of your business, start with our free franchise feasibility evaluation. Or even better, contact us today. We’d love to hear about your business.
Is Your Business Franchisable?
Find out here
Answer six simple questions and see if your business has what it takes to become a successful franchise.
The basics to learn
FRANCHISING 101
This is the first stage of the process and an important one. You are learning the basics and making sure your business is even franchisable.
Here’s some of the most frequently asked questions and the answers you need to know. We offer a free consultation and no question is off the table.
What is a Franchise?
At its most basic level, franchising is simply a specific form of distribution for goods and services. But that’s a pretty generic and wholly unhelpful definition. So let's dig a little deeper...
Why should you Franchise?
With other expansion options available, how do you know if franchising is the right way to expand your business?
Alternatives to Franchising
There are other options to expanding your business other than franchising.
Is my business Franchisable?
You have a successful business and you’ve decided you want to franchise it. How do you know if your business would make a good franchise system?
How to Franchise a business
A good franchisor should train, guide and support a franchisee in every aspect of their business. That means a good franchisor’s training and support infrastructure will never stop expanding and evolving. But, when you start, here are the 6 foundational pillars you’ll need to legitimately consider yourself ready to franchise.
“Speed is useful only if you are running in the right direction.”
Joel Barker
