When Is The Right Time To Franchise Your Business?
Dec 02, 2016
This is a hot question I often get asked.... and I first start with my own questions in reply
So why franchise? What is your driver to travel this journey?
I ask these questions first because it matters. Look at the following replies and see if any of them is you:
- I love creating and it's time to expand.
- I want more money.
- I want to share my passion with more customers.
- I want to build a legacy that keeps going long after I'm gone.
- For the challenge.
- To create more time and financial freedom.
- To feel more secure from competitors.
- It feels natural as the next step to take.
- I want to make a bigger positive difference to people.
- My existing business isn't really working so by franchising I can keep making money. (Yuck yuck yuck I stay away from these people)
Franchising can certainly deliver on all these reasons.
So when is it the right time to franchise your business?
- Maybe you are struggling to keep up with demand for your products or services.
- Customers keep telling you they wish you were closer to them.
- Your existing business is strong and has a solid profitable foundation.
- You have worked out and solved the problems on how to operate your business smoothly and profitably.
- You have capacity to expand.
- You have been approached by someone who is interested in operating your business in their local area.
- You have a great business and want to spread fast while there is an opportunity gap for your service or products.
These are all great reasons. I believe the following are a must have before you begin...
"your existing business is profitable, you have a secret sauce competitors will find difficult to copy, you have solved operational problems from trading at least 12 months, you have proven marketing strategies, and you have time to spend franchising."
For more information I have written a one page guide "The Top 5 Questions To Find Out... Are You Ready To Franchise Your Business?.
Get Access Now!