Franchise Your Business

Guest post by: John Power
Become an Author

Free PDF Download
What About Franchising? - By John Power

Franchise Your Business

"Fran-chis-a-bil-ity": The ability to franchise your business.

Before you start to think about franchising your business, it is important to consider the "Franchisability" of your business.

Franchisability requires:

1. Successful model. There should be a successful model before attempting to franchise. It is difficult to sell copies of your base business if it is struggling. One of the first questions will be, "How is your business doing?", and they will want to see some numbers, which have to be presented in a very specific way.

2. Availability of franchisees. Does a large base of potential franchisees exist that can be taught how to successfully own and operate the business? Are the skills necessary to be one of your franchisees pretty common, or is the business so complex, with such challenging requirements, that the franchisee may have a difficult time operating it? Are certain degrees or certifications required that will reduce the number of people who could buy your franchise?

3. Replication. The business needs to be able to be duplicated over and over. Sometimes this is limited by industry, legal, or geographic restrictions. Think Subway in this regard. The same Subway format functions almost anywhere, and many thousands of them have been opened.

4. Unique customers. Franchises with an assigned geography have unique customers. Internet companies may do business worldwide. There needs to be a means to assign and track customers. The franchisee needs to be able to develop their own customers.

5. Reasonable investment. This is not to say that franchises requiring a $5 to $10 million investment cannot be sold, but franchises under $100K have a much larger base of potential buyers. If bank financing is required, it will be more difficult to get the franchises open than if not.

6. Competitive in its market. The business needs a unique value proposition, or compelling message, in its market. Me-too franchises generally experience limited success. Honestly evaluate your market position. Think about the larger competitors who lead your industry and the effect they can have on your franchise system.

7. Budget. There needs to be a sufficient budget to initiate the franchise program and carry it through the start-up phase. It does not take "six figures" to develop a franchise program, but you need sufficient to initiate the program and start selling franchises.

I will be pleased to provide a no-cost initial consultation if you wish.

Franchising with all its Success

About 60% of all franchise opportunities have less than 50 units.

Touchables and Untouchables

Why Use a Franchise Consultant?

Did you know: NIIT Franchise was present in Malaysia in 1997?

Determining the Initial Franchise Fee

Franchise Manual is designed to help new franchisees understand how to operated the franchise business

How to Start A Franchise

Master Franchises Explained

Reselling Your Franchise

Buying a franchise during recession

The best franchise systems all have effective leadership.

Mathnasium Franchise FAQs

Hiring a Franchise Lawyer

Question Your Franchise Decision Making

Why Own a Blimpie?

Franchising - The Sweet Smell of Success!

Why Franchises are Good Investments

Blimpie Franchise Requirements

Finding a Franchise Online

Home > Franchises > John Power > Franchise Your Business > Google +

Free PDF Download
What About Franchising? - By John Power

About the Author: John Power

RSS for John's articles - Visit John's website

John Power, founder of AdvantaFran Franchise Consulting, has extensive experience in franchise development and sales. He has been in and around franchising for over twenty years.

In 2005 Mr. Power began working as a franchise development consultant, and developed his own botique franchise development firm. He has worked full-time in the franchise industry since that time.

He has developed a franchise consulting company with experience in all areas of franchising, from legal document preparation to marketing, sales and support, and has brought over 30 concepts to market in the past 7 years.

Mr. Power also offers "shared sales management" services, which allows new and emerging franchisors to benefit from his sales and marketing skills and experience, without having to pay for a full time sales manager. Also skilled in developing "Streams of Positive Content," he will help you increase your sales success by creating a large amount of positive information on the internet about your franchise offering.

Mr. Power is a successful instructor and teacher of the franchising industry and franchising principles, and presents training sessions for both new franchise brokers and employees of franchise companies.

You may contact Mr. Power at www.advantafran.com

Click here to visit John's website.

More from John Power
Determining the Initial Franchise Fee
Franchisors Need Four Cs When Working with Brokers
Franchise Operations Manuals
Exhibiting at a Franchise or Trade Show
Franchising is Widely Accepted

Share this article. Fund someone's dream.

Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Franchise Your Business

Related Articles

Related Forum Posts

Share this article. Fund someone's dream.


Name:
Email: