Is Your Business Franchisable?
“Your business is not ready to franchise.” That is the message we give to most of the businesses that contact us. That may not be good for our business but it is the truth that many other franchise consultants will not tell you.
But every business is unique and there are many businesses that we talk to who are ready to franchise, so what is the difference and how can you tell if your business is ready? There are a number of factors that we look at when we evaluate the franchisability of a business, all of which can be broken down into three categories: Concept, Operations and Financial.
Things we consider when looking at the concept include:
Appeal of the product to a broad market
Is the market for the product growing or saturated?
Operational expertise is demonstrated by:
Systems in place
Financial considerations include:
Profitability of the business
Good business for franchisee and franchisor
Desired return on investment for franchisee
As a business owner, you will always be improving things and if you wait until you have everything “together” you will miss out on opportunities that franchising provides. There is a balance between being ready to franchise and having it “all together”. Many of the loose ends of the business are addressed during the franchising process as we standardize your procedures, marketing, hiring and other aspects of the business that a franchisee will need.
Our free Franchise Feasibility Analysis will answer these questions and provide you with our recommendations.
Or Contact Us for a Free Franchisability Assesment