Could I franchise my business?

There are three main questions to consider if you're looking to franchise your business:

1. Do I have a proven business model?

- Is it up and running or just an idea?

- If it’s already running, is it making sales and generating profits?

- Do you have customers and repeat business?

2. Is it systematised? (Or can it be?)

- Do you have standard systems and procedures?

- Is there a ‘certain way’ you like things to be done?

- Is this written down and fully documented?

3. Is it replicable?

- Can the business be set up in another location and look and feel the same?

- Will the customer experience also be the same, in say, Sydney or Perth?

- Will the financial investment and return be comparable?

These are the first questions to ask. You don’t have to tick all the boxes just yet, but you do need to see that you could.

After this initial self-assessment, the core components of developing your franchise need to be worked through.

- Marketing and Sales

- Admin and Finance

- People and Operations

For each of these  areas, systems and processes need to be developed. Not just for your business, but also for your potential future franchisees.

Feel free to give me a call if you'd like to discuss

Peter