To Franchise or Not to Franchise
Every successful business owner probably entertains the idea of franchising at some point or another. The simple truth is that any business and any idea can be franchised. Legally, all that is required of a business in order to franchise is the completion and filing of the proper documents.
However, just because a business can franchise doesn’t always mean that a business should franchise.
First Things First
It’s important to get informed, first and foremost. Below are a few of the most commonly asked questions that we get asked by businesses that are contemplating the idea of franchising:
- How will becoming a franchisor affect their current business?
- What is the process?
- How long will the development process take?
- How much will it cost?
- How complicated are the regulations?
- How does franchising accelerate its growth?
- After the franchise development process, are there any ongoing expenses?
To get a comprehensive list of questions to ask, Contact Us.
For businesses to effectively get answers to these and other questions, they should work with a professional franchise development company, like us, who understands the complexity of franchising and puts it all together.
Pros and Cons
Before any franchise program is created for a business, the business owner must understand the benefits and downsides of franchising their business. This initial discussion is vitality important and we engage in this conversation without any cost or commitment by the business owner.
We look at the scalability of the business and what profit centers the business model has to offer. Franchising is a means of expanding a business by licensing others to use their trademark and operating system. It may be right for one business and wrong for another – even within the same industry.
Making the franchise decision is one of the most critical business decisions a business owner will ever make. Be sure you get all your questions answered up front.
