Does Your Concept Have What It Takes to Franchise?
Does Your Concept Have What It Takes to Franchise?
• 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 Michael Hemenway's Website.
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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 Michael Hemenway's Website.
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John PowerJohn 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 |
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Anne BarrAnne 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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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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