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What do some of the most famous brands in the world have in common?
They’re run as franchises, which mean anyone can buy the right to own and operate one of their outlets.
Franchising is an excellent plan for some small businesses, particularly those whose distinctive business models can be easily duplicated and scaled.
Who Should Franchise?
Most businesses can be franchised (it’s the business owners that sometimes cant be!).
The successful franchisees generally have the following in common:
Franchising is for ambitious people who want to grow their business. If you’re happy with the way things are, and cant be bothered with a ‘going for it’ – franchising probably isn’t for you.
You must want to manage more and be able to manage well.
If you’re better at doing something such as carpentry or accounting and this is what you want to do, franchising may not be for you.
But if you see yourself conducting business on a larger scale, and believe that you have or could develop the skills and sense to get it done, franchising may well be the best decision you ever made
A successful franchise has to innovate in some way. If you can’t bring something new to the table, franchising becomes more difficult.
But if you’ve created a brand-new dining experience, designed new software for a traditional industry or other bright idea, franchising can offer huge advantages.
Many successful franchisees have started from being a small, successful business rather than starting from nothing
One profitable outlet is enough. You simply have to show that your concept works. If one or two outlets work, there is every reason to believe that the same factors that made one or two stores profitable would apply to 10,000.
No matter what kind of product or service you provide, you’ll greatly improve your franchising chances if you’ve succeeded in giving a particular and predictable experience to your customers.
This is one of the hallmarks of not just franchise success, but also business success in general, this is because customers tend to buy experiences than goods or services.
Does your business provide a distinct experience (be it in ambience, decor, service, product delivery, etc.), because this will help to differentiate you from the huge number of franchises already in operation.
If your business exhibits several of these characteristics, franchising may be an appropriate course of action.
To start with – You Must Get a BUSINESS PLAN.
Until now, you may have been deeply involved in the operational side of your business. As the owner of a franchise company, you have to leave behind the trader mind-set.
We have seen it all before and can spare you the pain of reinventing the wheel and a business plan will really drive home what you need to do to get the franchisee moving, or not as the case may be. (But at least you will know and proper preparation now will save fortunes later on and could be the difference between success and failure)
After the business plan, we start with the business and legal documents (such as the franchise agreements) for the by potential franchisees and maybe franchisees legal advisers and bankers.
Then we start work on the marketing, information and promotional materials
This is something we can help you with and even have a standard fix fee to get you going, which can be paid on easy monthly terms
Now we have to start recruiting, training and looking after franchisees – so the work really begins
This is where most franchise consultants leave – but being accountants as well we can stay with you and your franchisees for as long as you want us to, and with our business development scheme it may not cost you anything for us to do so.
Finally, consider this, unlike potential franchisees, you are not looking for a business – you already have one, and it’s doing well. So well in fact, that you are considering expansion through franchising.
You looked at this page to get the lay of the land and gain some insight – like how and where to begin. We can help.
As you will have probably noticed, many companies have done very well for themselves through franchising. It has enabled a wide variety of businesses to grow.
The franchising system has turned many small fast food joints, shops, garages and professional firms into household names, both in the UK and across the world.
I assume that, as a successful and ambitious businessperson, you would like similar success for your company – I would.
Be aware though that if you are looking to make quick money or rescue a sinking ship, stop here, and look at other options for your business.
Franchising is an investment and a potentially brilliant method for long-term growth of your business.
If you are not in a position to make this investment both in money and commitment or to work for results, franchising is a recipe for frustration and even disaster.
If however, you are ready and able to make the necessary commitments, and understand that franchising will form a part of a two to five-year business development plan – Contact me for a free no obligation discussion.
We’re here to make developing your business easier for you.