When you have been successful in one or two locations, it’s very natural that you want to progress further. Expansion of business can be done through various avenues and franchising is one of the safe roads to follow. But before you get excited and start planning to circulate franchise business for sale offers, here are some pointers to keep in mind:
• First of all, you have to check out how much demand your business has in the market. Remember, if someone buys a franchise from you, most of the time it will be for ten years or so. Hence, taking the present-day market demand into account is not enough. You have to make sure that there’s enough merit and viability in your product/service to continue for a long time.
• Then you should check out whether your business model can be copied elsewhere. Franchising is the successful transfer of the franchisor’s business model to the franchisee’s location; hence, you must have a format that is easy to learn and implement.
• Your business should accommodate the changes in market practice and varying customer profile. For example, McDonald’s was criticized for ignoring the health issues of its customers. But being a great business, McDonald’s soon introduced salads and other healthy foods for its patrons and fans. Similarly, if there’s a change in your line of work, your business model should have provisions to respond to those changes.
• You should also make sure that there’s something unique in your product/service that no one else can offer. It can be a trademarked product or you can offer your service in a special way. Whatever it is, you have to keep in mind that it should not be easily copied by your competitors. Otherwise, you will be lost in the crowd! If you are entering an arena that is highly competitive (say the pizza franchise field), then finding your USP is vital. If you are a pioneer in some line, then updating yourself from time to time will help you to shake off copy cat companies. If you can become the image that crops up in the head of a person, whenever he hears the product/service that you offer; you can be assured that your concept is ready to go a long distance.
Does Your Concept Have What It Takes to Franchise? - To learn more about this author, visit Ray Flores's Website.
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Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations,
networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business
ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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