Has your business got the potential to be a Franchise?
This question has been asked by a number of clients in recent months, so I thought I would share with you some insights into what is required if you are looking into this.
Questions to ask yourself.
Does your business make a reasonable profit?
Do your products or services meet a ready need in the market?
Could your business work in other locations?
Could others be trained to run a business in the same way as yours?
Are you keen to grow but concerned about losing key personnel?
Does it interest you to help others become successful in their own right?
Are you keen to grow whilst minimising the risk?
Are you keen to grow whilst minimising financial outlay?
Would you like to multiply your profits over the next few years?
Would you like to generate a substantial passive income stream?
If you are saying yes to most of these questions, then your business could have franchise potential. We have the contacts to hand who can assist you through this important phase.
Some of which are:-
Having a sound financial model with excellent documented processes will put you on the right road to make your business a viable option for others. Most networks look at a business being able to run at a turnover of more than £1,000,000 a year, as this has proven that the model is working and that you as owners are seeing success in your own right. That doesn’t mean that as a smaller business that this idea is pie in the sky, but it does make a difference on your selling price and advertising potential of the franchise.
We have found that by being able to at the push of the button knowing exactly where you are financially, you can plan for any number of opportunities. The important thing to remember is that whilst you are passionate about your product or service, others will follow suit. Keeping the motivation is a big part of these successful brands. Training and recruitment, and controlled growth and support. It doesn’t matter what type of industry either, we have seen the food industry, manufacturing and accountancy to name a few take on the franchise idea and make a big success. It is a faster way of getting your name out and improving branding and enables you to distribute on a national, multi national scale, and of course profitable. If you would like to hear more, come and book an appointment with us.
This blog is intended for information purposes only advice from past experiences, you may have your own suggestions. It is not intended to be used for all of your business decisions, but used as a guide only.