You’ve set up your business, are going from strength to strength, one block at a time, and that passion and enthusiasm are kicking in. But, what about the next step?
Want to go at it yourself or franchise your business? Wish to keep striving for success on your own plan or work on an established model?
Well, both choices have their pros and cons. So, let’s take a quick look at expanding your business organically vs. franchising:
Expanding organically means investing massive capital to start each store at different locations, which can limit your expansion speed. But, with patience and huge investment comes 100% profits right into your pocket, which keeps you fully invested in the business. Although scaling the business can seem challenging, an unshakeable team and robust expansion strategies can work in your favor. If you’re worried about letting your brand go into the hands of outsiders and don’t mind growing gradually as long as you get to keep the entire profit, organic expansion may be ideal for you.
Franchising requires strategic planning and expert assistance to take your business to greater heights. When you decide to franchise, you design a repeatable system selling it to other entrepreneurs who operate their version of your business concept. It takes time, up-front costs, and complicated legalities. If you are ready to put in that legwork, franchising may be the way forward.
Franchising is relatively less risky, provided your model is franchisable, targets the right markets, and has what it takes to succeed. Hire the services of a franchise development company like ours to leverage modernized methods and techniques and escalate with precision and success.
When you wish to source growth organically, you’re picking up on risks. However, the advantages of franchising have a big payoff, and it is less of a gamble. Your expansion method will ultimately depend on your business goals and what you’re willing to give and take to achieve those objectives.
Please speak to our franchise development consultants before making the final decision.