Does Your Concept Have What It Takes to Franchise?

Guest post by: Michael Hemenway
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Factoring Offers Hope for Companies Struggling with Cash Flow - By Michael Hemenway

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.

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Factoring Offers Hope for Companies Struggling with Cash Flow - By Michael Hemenway

About the Author: Michael Hemenway

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Founder/CEO of brandEXPANSION the only firm of its kind serving all aspects of franchising. With our industry background and successful franchise units established around the world, we have a time tested strategy to assist you in locating, developing, advertising, marketing and executing the optimal franchisor and franchisee strategy. brandEXPANSION brings over a dozen years of hands on experience in the field. This gives us an insider’s perspective on the business of franchising, which is an invaluable asset in supporting your objectives. We simplify the franchise experience by providing on going consulting and support designed to deliver the most profitable franchise investment you can attain. brandEXPANSION has placed franchise units in over 1000 locations nationwide. This includes the strategy and writing of franchise documents, over 600 franchise real estate locations selected, over 200 construction projects completed and over 250 proven franchise companies currently represented. The company also operates the leading franchise-industry social networking site, http://www.FranchiseUltraLounge.com.
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