Can I Franchise My Business?

If you have a thriving business and are thinking of expanding it, you have probably asked the question, “Can I franchise my business?” At the end of the day, the answer to this question depends on the state of your business and on your readiness to take on the role of a franchisor.

As you set out to answer the question “Can I franchise my business?” you should note that not all business people who try to franchise their businesses succeed at it. This happens for various reasons. To avoid ending up in a similar situation, you should do all your franchising “homework” ahead of time.

 

Can I Franchise My Business AND Do So Successfully?

 

The first thing you need to do is to look at the state of your business. Is it a successful business? Has it been performing well consistently? Your answer should be positive. In addition, you should already have units of the same business operating in a few different locations.

In order to succeed as a regional or national franchise, it is also ideal for the goods or services being sold to have something distinct about them that can be reproduced nationwide by people other than the franchisor. At the same time, there should be a demonstrated demand for them. There is no point in franchising a business that provides services or goods that are not sought after. Once the initial buzz surrounding the franchising dies down, there is no guarantee that the latter type of business will attract the attention of potential franchisees and customers. Undertaking market research is one of the ways to get around making this kind of mistake.

An important part of answering the question “Can I franchise my business?” involves seriously thinking about the changes that franchising will bring to the business and to your role in it. If you have very rigid ideas about the shape of the business, you may have to let go of some of them. Making the business more amenable to franchising might necessitate modifying part of your operation. It will certainly necessitate your adoption of a new role that entails marketing your ideas to others and teaching them.

If, after carefully considering all these steps, you are still interested in franchising, it is time to look into the legal requirements, financial arrangements and operational details that come with franchising. Your answer to the question, “Can I franchise my business?” will ultimately depend on your willingness to tackle these steps.

Asking “Can I franchise my business?” is just the first step to buying a franchise and getting on the road to success and owning your own business.

When a small business person asks, “Can I franchise my business?”, that question alone means a lot.  It means that you have the ability to dream big and you have the backbone to dare to think that there is a way to blow past the limitations of your current situation to become even more profitable.  It means that you understand that franchising a business is a huge opportunity but that it will come with plenty of challenges as well.

But you never passed out in front of a challenge.  So if you have the question in your mind, “Can I franchise my business?”, hold onto it.  Just starting to wonder about the potential could be that first big step toward owning a franchise of your own.  The best reason to start researching the huge opportunities that may lie in buying a franchise is that you are ready be launch out on a new business adventure because you have conquered all of the current challenges before you.

“Can I franchise my business?”  The first step, of course is to learn all you can.  The great news is there is so much franchise information out there that you will have no trouble getting the low down on how to start on your quest to success and huge money in franchising.  The second great news that you will be happy to hear is that businesses who sell franchises hand over fist are eager to talk to you and they can help you understand everything that is involved when you sign a franchise agreement with them.

There is very little cost and no risk to just asking the question, “Can I franchise my business?” As you dig deeper, you will find out the financial resources you will need and the amount of work that goes into becoming a franchise owner and running a very profitable franchise of a large national chain. There is no sense sugar coating it that when you stick your hand out to shake hands with a company that is selling you a franchise, it is going to mean a big investment of cash and hard work.

If you ask yourself, “Can I franchise my business?”, you owe it to yourself to find out the answer.

It is impossible not to notice that more and more successful small business people are taking the plunge and asking themselves, “Can I franchise my business?”  The potential profits that can be made when you take your considerable business and management savvy and sink it into a growing franchise opportunity are huge.

On top of the wealth that is waiting for you, there is a lot of pride and prestige that goes with being an owner of a successful franchise of a well known company.  You still are a small business owner because you bought that franchise. You do not work for the franchising company. You work with them to make both of you very rich. At the same time, the sign on your building is one that everybody knows and it alone will bring customers rushing to use your products or services.  It is the best of both worlds because you have all the clout of a big business and all the freedom and pride of owning a small business.  So if that question, “Can I franchise my business?”, flits across your mind, don’t let it go out the other ear. It may be stage one of a new and exciting and very profitable new world for you.

 

 

 

Asking “Can I franchise my business?” shows that you have the good sense to look first and know what you are getting into before starting out in franchising

It seems that just about any business that can get some level of success in what they do may have that moment when they ask, “Can I franchise my business?” Franchising is the hot thing these days. This is not to say that is isn’t a fair question.  Franchising a business can be a huge step toward much greater profitability and a way to make your business take off faster than you could otherwise.

That question, “Can I franchise my business?” starts with where your business is in its growth plan. Obviously, if you are still working on reaching a level of profitability and stability in running the operation you have, that is no time to take on the big challenges of franchising the business.  So if you ask yourself, “Can I franchise my business?” because you have a dynamite business idea and a growing customer base, it might be best to wait until you have your “base” well established and the need to expand is pressing.

The very fact that you are nervous enough to ask “Can I franchise my business?” rather than just launching out shows that you have your head together. To ask the tough questions and bring some skepticism into the evaluation will pay you big time because before you spend a dime to franchise your operation, you will make sure you will be a winner in the franchising game and not one of the casualties.

Diving into franchising your business and succeeding may be a matter of who you know.

In reality that question, “Can I franchise my business?” could use with some review. Instead it might be smart to ask, “Should I franchise my business?”  An even more on target question might be, “Do I know enough to franchise my business?”  That doesn’t mean you are a dummy. It just means that those who go blindly charging into franchising and loose their shirts do so because they did not take the time to learn the ropes of the franchising adventure.

There are a few pitfalls, sand traps and a few cliffs you can fall off of and you need some help knowing where they are.  That is why the question, “Can I franchise my business?” might also be revised to, “Do I know people who can help me franchise my business?”  The last thing you should do is to launch out into the deep water of franchising without some skilled sailors on your boat, so to speak.

Fortunately, the skilled labor needed to make you a success in franchising are ready to help you out, for a fee.  But paying for a well established and experienced franchise lawyer and a solid franchise consultant may be just what it takes to put you in a place where the answer to that question, “Can I franchise my business?” is yes.

Be smart and check out that the franchise experts that you bring onto your team are honest and qualified people.  You are a savvy business person so you know how to check references.  Once you have a team of smart franchising gurus, set out to become a franchising guru yourself.  Look at every example franchise agreement and review knowledgeable literature on the “dos and don’ts” of the franchising game. When you do that, you will become one of the smart ones going into franchising your business and the outcome will be great success for you and your partners.