Thinking of Franchising? Ask 20 Questions

Here they are:

1. How long have you been in business? (You should have a track record in your industry.)

2. Is the business profitable? (Remember that you want others to pay you to learn how you manage and operate your business.)

3. Are you selling a consumer service, a business service, a food, a product, or other (can you paint a simple word descriptor of what you do)?

4. Is your business product, service "pan-geographical" Is there a universal need or semi-universal need beyond your area for it?

5. What is the demand for the product or service? (Can you easily market what you can simply describe?)

6. Is it a business meant for, "As such a time as this"? Ahead of your time is not in step with your time. If it is too late or on the cusp of technology extinction, you lose the “first to market” advantage.

7. What is unique about what you do, create, who you are or how others perceive your product/service?

8. Can others be trained to operate a similar business?

9. Have you registered your name with your state? With the US Patent Office? (This can be done while you develop your franchise program.)

10. Do you have a URL, a web site, a blog? (Also can be done while you develop your franchise program.)

11. Is the market for your product or service growing? (See #5)

12. What investment amount will be required for a franchisee to begin business? Is financing available?

13. Do you have an amount budgeted for your franchise development costs? (Do you have finance resources in the wings for your growth and development?)

14. What validation have you generated for your business model? (Industry experts, customers, professional entrepreneurs?)

15. Who are your competitors? (Is this a product that has both direct and hidden or indirect competition?)

16. Who else is franchising in your industry? (This can sometimes help establish your market position NOT whether you should do it.)

17. What are the start up costs including the franchise fee? (How have these been determined and note: This can be adjusted later.)

18.What is the scope of your development in real numbers in 1 year - 3 years - 5 years - 10 years and why? (Think through this - it will establish the financial need)

19. Are their international components to consider in future development and growth?(You don't have to know this now, but it is another matter to consider.)

20. There are at least 3 methods of franchise development - have you considered which best suits your business model and your plans for grow...

Having asked all of those things if you are looking for an expert who has been a franchisee, been an executive with a number of complex franchisee models, consulted with hundreds of franchises and can do everything from hone the concept, to sell your new franchise concept to its first franchisees then give me a call.

Thinking of Franchising Ask 20 Questions - To learn more about this author, visit John R. Wilson, Sr.'s Website.

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John Power John Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website

Joe Dager Joe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website

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