Often times people create a business to follow their passion and desire to become successful in their local market. Others create a business with the intent to grow it. Some even start their business saying to themselves “I am going to franchise my business later”. Why? Because franchising is a way to grow a business!
A Business Built Out of Passion
George and his wife started their home improvement business because of their passion for flipping houses, remodeling and fixing things that most homeowners would not even begin to tackle. They just really wanted to be successful in their local market and meet the demand for handyman services while providing honest, reliable and no-hassle services at affordable rates. Their “mom & pop” family business quickly grew to be quite successful. Alas, so did the headaches of their growing pains: list of jobs piled up, they were scheduling weeks in advance and the demand for their services grew into areas further and further away from their small geographic footprint, which was just too far them to service.
They realized that they were doing something right and to keep the momentum, they needed to expand now, but they didn’t know how! They never thought their business would be so successful so fast, and now they need a solution, FAST! Opening up other company-owned locations is not an attractive option for them for several reasons. Not to mention they do not want to have to manage more employees, put out the capital to buy more trucks and worry about trying to manage day-to-day operations remotely. But they wonder if they need more than just their one location to enter into the world of franchising.
Does this sound like you? While some business owners may already have a plan to franchise, other business owners (like our handyman service business) don’t always think of franchising when they first start their business or open their doors. So it is important for all business owners to know that even with just one location, franchising is a way to grow (read more about Do I Need Multiple Locations Before Franchising).
When Does Franchising Make Sense?
Whether franchising is on your radar from the onset or you begin warm up to the idea of franchising your business, when does it make sense? Well, if you find yourself in a position like our handyman business, that’s a pretty good sign or if people are already asking if you are a franchise because you are so polished that another good sign. Ever wonder if your business can be franchised if it requires a license (like trade industry license, professional license or even license to perform a service), well it can. Perhaps you have created something different (a process, method or technique that makes you more efficient). Or maybe you have leveraged a combination of things that are somewhat common in conjunction with technology to accomplish the task at hand and ready to teach someone how to do it (learn more about Franchising a Service Business).
Maybe you have developed a product and so successful at selling it at your store that orders are piling up and you cannot meet demand. How about Perhaps you have unearthed some old family recipes, opened up a quick-serve restaurant and the crowds never stop coming. Not only have you hit the jackpot with your food but you have also made operations pretty simple (read more about the Secrets to Restaurant Franchising). You might even wonder about a home based business, and yep you guessed it, that too can be franchised (read about Can I Franchise a Home Based Business).
Regardless of which type of business you operate, if what you are doing has generated success for yourself and provides something in the marketplace that is different, unique or even helps people and your demand is unreal, then it may be time to look at franchising. To help you determine if franchising is makes sense for you, take a few minutes to read this article How to Know if My Business is Franchisable.
Benefits of Franchising
Franchising is intended to create a ready-made business for aspiring entrepreneurs. Franchising has several key benefits when it comes to expansion including (but not limited to):
- More locations can be opened at a faster pace;
- Franchisees take on the responsibility for generating the business, including all financial, operational, training and managerial responsibilities;
- All franchise locations must adhere to the same processes, methods and procedures that you developed while operating your business in their market;
- If you have more than one company-owned location, we can build in the option for you to sell them as a franchise later; and
- You can promote franchise ownership with employees rather than losing them to your competition .
This is just a short list, you will find more by reading this piece and watching the video on the Benefits of Franchising. Once you take a minute to explore franchising and how it a vehicle for growth, you may realize that there are LOTS of other benefits such as: brand recognition, increased earnings, indemnification and of course leveraging other people’s talent and resources to grow. That is provided you embrace your role as a franchisor. Yep, no doubt franchising is Powerful!
So if you are thinking about wanting to duplicate your business give us a call at 1-877-615-5177. We will be more than happy to answer all your questions about franchising and provide you with honest, straight forward and no BS answers. We provide true franchise development services and do not market franchises, sell franchises or have any hidden agenda to tie you to us in the future.
- How to Franchise Your Business
- About The Franchise Maker
- Setting a Franchise is Hard Beware of Gimmicks
- What’s Your End Game Franchising May Play a Role
- How to Make Money Franchising My Business
- What is The Biggest Risk to Franchising a Business
- Franchising Your Restaurant
