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Thinking of Franchising Your Business?

Written by: Sebastien Page

Article Overview: Being the owner of a small and successful business, you may have considered franchising this business to further enhance its opportunities for growth and expansion, Well, you’re not alone.

Thinking of Franchising Your Business?

Being the owner of a small and successful business, you may have considered franchising this business to further enhance its opportunities for growth and expansion, Well, you’re not alone. Many in your position have considered this and for good reason. Having a successful business with regularly increasing clientele can be quite the ego boost for small time entrepreneurs. Thinking of expanding their small businesses into franchises all over the country or even the world is therefore an inevitable ambition.

This may sound wonderful and exciting but it’s not all that simple. It’s a lot of hard work and sometimes not even hard work will cut it. First of all, you must carefully and honestly assess the potential your business has for being franchised. There are a few questions you need to carefully ponder:
- Is you business easy to duplicate into several other stores in different regions?
- Can you train a competent replacement within a few weeks time to efficiently run a business at a level similar to the one you’re currently running?
- Can you possibly create a videotape to act as a mini-training course for people you decide to take on in your business?
- Last but not least, If you become engrossed in trying to franchise your business, do you have a skilled enough staff to run your current business while you’re busy in other places, doing other things?

If you’ve answered ‘yes’ to these questions, then you might just be ready to take that plunge. The next step is to obtain the necessary funding for implementing your plan. Around 500,000 to a million will be sufficient to start with, with the lower end of the sum being for small time businesses based at home and the upped end for larger businesses outside of the home.
So what are you waiting for? Make the necessary arrangements and acquire the tools you need to expand your business and watch it grow before your very eyes.

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  The Top 7 reasons why Franchising is Better than a Brand New Business
  Fearing Franchise Losses
  Franchising vs. Licensing
  Financing Your Franchise Business

Article Tags: ambition, clientele, competent replacement, different regions, ego, franchises, good reason, necessary arrangements, plunge, small businesses, small time, successful business, time entrepreneurs, videotape



Related Forum Posts
New Small Business Topic - Hello everyone, I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section? Here's a list of what we currently have: Angel Investors Branding Bank Loans Business Coaching Business Plan Franchises (New) Insurance Legal Marketing Public Relations Sales Small Biz Loans Venture Capital
Re: Hello EvanCarmichaelers, and Thanks! - "Carmichaelers" ..nice.. Over at the Young Entrepreneurs I'm going to start calling my readers "DSilvelers" - I like the sound of that! Welcome on board theFranchiseMarket. Do you run a Franchise Business or are involved in Franchising in anyway?
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Top 50 Lists - Hi Evan, How about "Top 50": -Inventor Blogs To Watch -Franchising Blogs To Watch -Business Book Review Blogs -Women Entrepreneur Blogs -Young Entrepreneur Blogs
Franchising & Licensing Can Be The Same Thing - FTC Rule 436 defines franchising as anyone offering an Agreement that contains these 3 things: 1. Licensing a "Mark" - which can be a trade name, service mark, commercial symbol, slogan, etc. 2. In the body of the Agreement, there contains, significant controls and assistance. 3. The licensee is paying the licensor in excess of $500 within the first six months of the actual offering of the business. Licensing and Franchising can mean the same thing today. If you do not decide to franchise and comply with FTC Rule 436, you may be in violation of Business Opportunity Laws that exist in 24 individual States.


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