Thinking of Franchising? Ask 20 Questions

John R. Wilson, Sr.

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Free Download - 5 Reasons to Consider a Life Coach By John R. Wilson, Sr.

Thinking of Franchising? Ask 20 Questions

Basically, I had created a series of questions on what to ask yourself before you consider franchising your business.

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.

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Home > Franchises > John R. Wilson, Sr. > Thinking of Franchising Ask 20 Questions

Article Tags: blog, br 2, br 3, business div, business product, business service, cusp, descriptor, extinction, franchise development, franchise program, franchisee, growth and development, title entry title, universal need, us patent office, validation, wings

About the Author: John R. Wilson, Sr.
RSS for John R.'s articles - Visit John R.'s website

John is a nationally recognized Franchise Development Leader (Sales, Business Development, Concept Creation & Improvement). In addition he was a successful Franchise Owner, Executive Supporting Franchise Systems - Sought after Consultant to Companies & Individuals seeking to understand, start and improve their businesses. Additionally John is a Writer - Life Purpose Coach - Musician - Surfer & Theologian. John creates a conversation with his clients and business associates and through the use of inter-personal coaching methodology incorporates the concepts of mutual benefit creativity with time management, organizational strategies and life-balancing systems, emphasizing the achievement of "Success-in-Life," not just success in business goals and objectives. Specialties: It started with 14 years in multi-unit franchise ownership. While an operator and thereafter I was an operations and franchise development executive. The last 9 years have been invested in successful franchise consulting as an adviser to franchise companies in the area of Franchise Operations, Sales/Resales and Development.

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Re: Re Franchise etc - [quote="bmueller47":e0j0nu4t]Can you see a shift of various types of franchises? What I am thinking about is that today it is more difficult to create franchises, that has great appeal. More and more people want to have their business, but no interference of someone else.[/quote:e0j0nu4t] Not sure what you mean exactly but it is certain that more and more people want to have their own business but not more and more people know what they really want to do, or how to do it. And that's what franchising is all about. Franchising is not for an entrepreneur. An entrepreneur will do his own thing. People who buy franchises want a turn key business, with a proven model. Franchising in the US had never been that good. I don't have the exact numbers in mind but I know for sure that franchising is growing more and more as people are getting more and more aware of this business model.

Franchising vs. Licensing? - What is your opinion on Franchising vs. Licensing? Which is better?

Nominations for a new Franchising Moderator! - Is there anyone you'd like to nominate as our Franchising Moderator (or volunteers for the position)?

Great Article, chock full of info. - Ian, Thank you for linking your article regarding Licensing vs Franchising. Its a good read.

Re: THE SECRET TO SUCCESS IS ALL IN YOUR HEAD...RIGHT NOW!!! - Success = Thinking (Head) + Heart (Feeling / Interest) + Hand (doing/ action). Success - H3 Robert

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