Franchising, as a growth strategy, may not be right for everyone. There are however, many businesses that we talk to that are ready to franchise. So, what is the difference and how can you tell if your business is ready to franchise?
There are a number of factors that we will look at when we evaluate the franchisability of your business, all of which can be broken down into three categories:
The Concept, The Operational Systems, and The Financial Metrics.
Do you have a proven track record of growth and profitability?
Does your business have broad consumer appeal?
Is it easy to replicate or duplicate?
Our team at The Franchise Edge is dedicated to working with Entrepreneurs at all stages of development and growth. It is important for you to better understand what it takes to franchise and whether your business is franchisable today or some day in the near future.
As a business owner, you will always be improving things and if you wait until you have everything “together” you may miss out on the 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 systems, 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.