When is the Right Time to Franchise?
As business owner, you are constantly thinking about expansion but never want to spread your resources too thin. Is now the time to expand? The decision to franchise stems from a businesses need to stay competitive and service a growing market. Businesses can franchise when they have been up and running for six months or ten years. Whether they have 1 unit or 20 units. Companies typically decide to franchise when they are in a position where they do not have the money to fuel aggressive expansion, the people/personal time to oversee additional units, or the time to grow at a slow pace either due to competition or market opportunity.
Franchisability is determined by your systems. Your product or service needs to be systemized to the point that it is consistent and teachable. Are you currently documenting your operations? Do you keep accurate records? Entrepreneurs can be very quick to downplay how systemized their business actually is. Your marketing, accounting systems, sales processes, products, suppliers, staff, training, even your legal structure and dress code are all part of the system that is Your Business.
As part of Francorp’s process, we document all of these systems into a comprehensive operations manual that serves as a training, procedure, marketing, start-up, and franchise manual. Everything about your business must be described in detail to ensure that your franchisees have the tools and you have the security for sustainable franchise growth.
Are you ready for the next level?
The issue of timing is one of the many topics of Francorp’s online “How to Franchise Your Business” seminar that is available FREE when you mention this newsletter ($195 value). To learn more about franchising, visit http://www.francorp.com or call 800-372-6244. As a reader of this newsletter, to sign up for your FREE seminar ($195 value) or take the FREE franchise quiz, click the buttons on the left for direct access.