Franchising your business sounds very exciting, but are you committed to making it work? Yes, franchising is simply a method of distribution to launch your business model into other markets. Yes, franchising is an accelerated path to brand you business without you having to invest in opening up satellite locations because instead, you have entrepreneurs who are investing their resources (or as some like to refer “skin in the game”) to make this business successful. HOWEVER, before you get caught up in all the hype, let me be the first to tell you franchising takes work.
Bottom line is that as a franchise development firm, we can build you the best watch, but it does you no good if you do not use it. You might be wondering what I mean by this comment. Allow me to explain:
If you are thinking of franchising consider that you are entering an entirely new business, the business of franchising. Just as when you started your current business, you will have to prove yourself in the marketplace and attract customers (in this case franchisees). So, that means you have to be committed to marketing and advertising for franchise prospects. Nobody can sell (or as I like to say “award”) your franchises except for YOU (yes you can use brokers, but that is another topic). It is up to you to be committed to funding marketing and advertising campaigns to attract entrepreneurs, talk with franchise prospects, negotiate terms of your franchise agreement, and ultimately award a franchise. If you think you can just sit back and have someone else (third parties) do it all for you, that is simply unrealistic and the makings of a disaster.
Franchising is exciting. We take the intimidation, fear, and worry out of the franchise development process that is true. However, in the grand scheme of things, this is just one aspect of your franchising journey. Simply put, if you are not committed to allocating sufficient resources to market, advertise and effectively screen potential franchise applicants; then you should not franchise your business.
