When it comes to franchising your business, a few thoughts come to mind “It is scary, intimidating, expensive and it is not an option for a small business like mine.” I am here to tell you that is simply not the case. Franchising gives you the leverage to expand your business into other markets by using the talents of other entrepreneurs that you train to follow the same operational format that has made your business successful. These entrepreneurs are using their funds and skills to start, operate and maintain your business in their area. Franchising is a growth strategy that is not limited just to restaurants, in fact franchising touches every business sector.
Franchising is a different business. It is the business of making other entrepreneurs successful. You must have the passion to mentor, teach and train other people how to successfully run your business. Turning your small business into a franchise is exciting and if done properly will quickly take your business to the next level of success. Structuring your franchise relationship includes defining: your responsibilities and the level of support that you will give to these entrepreneurs, the entrepreneur’s responsibilities from operating the business to offering only approved products and services, the protection of your intellectual property and outlining the total initial investment (including working capital) the entrepreneur must have at their disposal to successfully open the business. As a franchisor you will make money on the franchise fee (reimbursement for training and materials to get these entrepreneurs up and running) and ongoing royalties in addition to the products and services that you may be providing to them, all of which is necessary for them to operate their business.
However franchising is not just about the money you make. The power in franchising comes from the culture of like-minded entrepreneurs that bleed your company colors and collectively begin to brand your business nationwide (perhaps even internationally). So if your business offers a product and/or service that can be duplicated in other markets and you really get excited about the idea of taking your business to the next level; then Contact Us and lets explore the idea of franchising.
