“Could I franchise my business?”
We were recently asked by a client if they could franchise their business.
Or, in fact, if they should franchise their business.
Franchising your business can open up massive opportunities to grow and expand. Here are the Top 5 Elements to consider if franchising is right for you.
Uniqueness. Do you have a point of difference? Is there something that sets your business apart in the market? It’s important to have a different angle, something unique that your franchise will be known for.
Replicable. Can it be replicated? Will your customers have the same experience time and time again, no matter the location? The consistency of the experience is a critical element of franchising.
Systems. Do you have robust systems and procedures in place? This will ensure things happen the same way each time. This is a foundation component of franchising. It is critical for replicability.
Brand. Do you have a strong brand? It needs to be clear and identifiable. And, it becomes more than symbols and colours, your branding seeps into the whole culture of your franchise.
Stamina. It’s a journey to franchise your business, and not something that happens overnight. So, be prepared for the long haul. Your health, fitness and stamina will play a big part in the success of your franchise.
Of course, there are many more factors that come into play. But assessing your business against these core elements will help you decide up front if franchising is right for you.
Feel free to get in touch if you’d like to discuss your business and how franchising might work for you.
