Is Your Franchise Ready to Expand?
Is Your Franchise Ready to Expand?
Profile your customers: You must have done that when you transcended from a business owner to someone offering franchise business for sale. Now, you have to consider it in a broader perspective. You have to check out what demography of people your product/service is attracting. You also need to look into their income level as well as their age. There are many professional companies that carry out this kind of background check for your business. Engaging them will save you some time and you can focus more on advertising your franchise business for sale offers.
Target the market: After finding the profile of your customers, look around in new territories that have the best demography of such people. Then you are required to check out the level of competition in those areas. You need to take a look at the competition not only from branded companies, but also from stand-alone businesses that have a fair share of reputation.
Divide the territory: When the first two steps are already taken, you will automatically know how many franchise business for sale offers you can have in the new market. Make sure you divide the area in such a way, so that each territory can have its share of desired customers. If you want a long and prosperous business chain, don’t sell indiscriminately. You will end up with dissatisfied franchisees that eat into each other’s profit.
Upgrade your facility: Now that you know how many new franchisees you have to train, make sure you have enough resource for that. You will need a training center and dedicated staffs to oversee the new recruits. Moreover, you will have to modernize your administrative and back-end support as you grow national.
So, if you are in the expansion mode, check these points and see the level of preparedness you have for expanding your business.
Is Your Franchise Ready to Expand - To learn more about this author, visit Michael Hemenway's Website.
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When you have succeeded in running your business for sometime, it’s natural that you will want to expand. Many businesses choose franchising as their path of expansion, because it’s fast and they don’t have to make any huge investment. Cautious franchisors begin by offering franchise business for sale to nearby areas only. After they have taught these franchisees how to franchise and watched them develop successfully, they think about expanding further. If you are such a franchise owner, here are some points that you should keep in mind to find whether you are ready to expand.
Profile your customers: You must have done that when you transcended from a business owner to someone offering franchise business for sale. Now, you have to consider it in a broader perspective. You have to check out what demography of people your product/service is attracting. You also need to look into their income level as well as their age. There are many professional companies that carry out this kind of background check for your business. Engaging them will save you some time and you can focus more on advertising your franchise business for sale offers.
Target the market: After finding the profile of your customers, look around in new territories that have the best demography of such people. Then you are required to check out the level of competition in those areas. You need to take a look at the competition not only from branded companies, but also from stand-alone businesses that have a fair share of reputation.
Divide the territory: When the first two steps are already taken, you will automatically know how many franchise business for sale offers you can have in the new market. Make sure you divide the area in such a way, so that each territory can have its share of desired customers. If you want a long and prosperous business chain, don’t sell indiscriminately. You will end up with dissatisfied franchisees that eat into each other’s profit.
Upgrade your facility: Now that you know how many new franchisees you have to train, make sure you have enough resource for that. You will need a training center and dedicated staffs to oversee the new recruits. Moreover, you will have to modernize your administrative and back-end support as you grow national.
So, if you are in the expansion mode, check these points and see the level of preparedness you have for expanding your business.
Is Your Franchise Ready to Expand - 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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