Who
Many business owners chose to use franchising as the route to grow their business. There are millions of people out there (potential franchisees) looking for an opportunity to start their own business under the guidance of a franchise system.
What
In order to franchise your business, you need to break down that business into a system that can be replicated (with some training). A franchisee is buying a business in a box. They’re buying the tried and tested route to success.
Why
A franchisor can use other peoples time and money to grow their business, their brand and their reach far quicker, than in they had to do everything themselves. For franchisees, they can spend ‘5-10’ years figuring out how to create, grow and operate a business, or they can buy a business off the shelf, and have guidance and support along the way. Many businesses fail within the first 5 years, where as a franchise system, which is tried and tested, has a much better success rate.
When
You could be anywhere along the entrepreneurial journey of running your own business. But at some point, ‘growth’ is going to become a factor. There are different ways in which you can ‘take your product/service to the market’ and each method has it’s own pros and cons. It’s up to you as to which route makes more sense. But if you’re going through a period of expansion, perhaps new markets – franchising could be very attractive. For many franchisees they could be mature people who have had a redundancy payment and are looking for a new challenge in life.
How
If you want to franchise your business, you need to make sure that it is a franchisable concept. Every aspect of your business needs to be documented and systematised. Document the process in a manual document and create training around it. You’ll have to find the right franchisees for your business. These are the people who will be taking your business to the next level. You’re not looking for an employee, but neither are you looking for anyone like yourself – with entrepreneurial spirit. Hire the right team around you to manage the franchise business because it is an entirely separate business within itself. If you want help on the process, book a consultation here.