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Is Franchising a Good Idea for Your Business?

June 13, 2016 by
Is Franchising a Good Idea for Your Business?

You have probably been struggling with the thought, “is franchising a good idea for my business?” At some point you may have wondered how to franchise and perhaps you are not sure if this is the right path to grow your business. In a nutshell franchising is about helping other entrepreneurs be successful in business, specifically your business. When done right franchising is a win-win for all involved. However franchising is not something to be taken lightly. It impacts the economy; it impacts lives; and can determine the future of your business.

What You Need to Know About Franchising 

When you franchise your business it means that you give other entrepreneurs permission to offer your services and/or sell your products under your name and the same way you do it. Obviously as you have been operating your business you have identified certain methods, processes and procedures that have contributed to your success. Are you willing to teach all of these trade secrets to somebody you do not know but who is willing to pay you to learn? If you are like our clients, then your business is your baby. You’ve started your business from nothing and watched it grow up. It’s hard to imagine somebody siphoning off your knowledge, taking what you’ve created and being successful.

When thinking about whether or not franchising is a good idea for your business here are just a few questions you should ask yourself:

  • Do I want to franchise just to open only one or two more locations?
  • Am I simply looking to franchise because I have a family member who wants to open a business?
  • Do I expect to partake in the profits for each location?
  • Am I thinking franchising is just about training somebody how to open my business without much ongoing effort on my part?
  • Do I see myself micromanaging every aspect of these different businesses?

If you answered YES to these questions then guess what; franchising is NOT a good idea for you. When franchising, each location is operated by an independent business owner (see why franchisees are independent and not partners to you). That means that these business owners are fully responsible for their business, profits and your level of control over their day-to-day operations is nothing like how you currently operate your business.

On the other hand, let’s say the questions above do not bother you. Perhaps you have unique products and/or services you offer that are scalable and you can easily see your business in other markets. Then it may be possible that franchising is a good idea for your business and something you may want to think about pursuing. Ask yourself:

  • What is different about what my business has to offer from a consumer standpoint? In other words, why am I better?
  • How is my business different and what does it have to offer from an operator standpoint?
  • Do I really want to be in a position of training and mentoring franchisees on a regular basis?
  • Am I willing to delegate some of my current operational responsibilities to someone else?
  • Am I willing to train a strong second for my current business so that
  • I will have time to devote to the franchising business?
  • Do I want to be responsible for creating, implementing and establishing different systems, products, services or programs to enhance and grow the system as a whole?

These few questions are intended to be thought provoking (more questions you should ask when thinking about franchising your business). While franchising may seem to be an easy escape to grow your business the reality of it is that franchising is a lot of work and takes commitment.  You can read the article to learn more about your role as a franchisor.

We don’t expect you to have all the answers and we are here to help you figure things out. If after reading this article you find franchising intriguing, then call us directly at 1-877-615-5177 and let’s explore together is franchising a good idea for your business.BBB Torch Award Winner Request Information

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