The Curiously Strong Way to Expand Your Business
The Curiously Strong Way to Expand Your Business
Do your customers love your products and services and often tell you that you should take your business nationwide? (or worldwide?)
Do you have a unique business concept that if you could just get people to sell it for you, you know it would be a huge hit?
Do you have a great product or service but you're struggling to find commissioned salespeople that will sell it for you?
__________
These are common frustrations that I often hear from small business owners.
I received an email the other day that reminded me of one simple solution that solves the aforementioned problems.
Okay, maybe it's not so simple, but it's definitely one solution that is widely employed but only by a very small subset of businesses.
The Solution to the Problem and the Curiously Strong Email that I Received that Reminded Me of this Solution
Here's a snapshot of the the email I received that reminded me of this solution.
http://url123.com/8ggrs
Did you have the same reaction I did?
Altoids?
A franchise?
What a novel idea.
Well, it's not actually a franchise they're advertising, but...franchising IS a very effective way to expand your business.
How a Friend of Mine Grew a Consulting Franchise from $0 to $8 Million in Less than 10 Months
I witnessed first hand how effective franchising can be when a friend of mine started a consulting franchise from scratch and built it into an $8 million dollar company in less than 10 months!
And he didn't even have one client!
Can you believe that.
He didn't have one client. He simply took his processes, procedures and business model and franchised it and then sold it to other consultants.
Actually, he "licensed" his system rather than franchising it.
It was amazing to behold. (I was a little jealous :-)
But Why Do So Very Few Business Owners Franchise?
...Probably for several reasons:
1. They think it's too complicated.
2. They fear they'll lose control.
3. They believe it's very expensive.
4. They don't think they have a business that can be
franchised.
Or, they probably just didn't know how to go about it so they never pursued it.
All of these fears are unfounded.
They are myths (like my friend proved).
Most any business can be franchised.
The franchisability of a business has more to do with how you run your business than the business you are in.
Here Are Ten Elements that Make Your Business Franchiseable
1. First
You do need a decent business concept. But it doesn't have to be a novel concept. Heck, look at how many hamburger joints are franchised.
2. Second
You should have a good operational system. This means that many of your operations are somewhat systematized.
(If you want a good step-by-step guide by someone who used to do this for a living go to http://www.successideas.com/BizBlueprint.htm)
3. Third
Your business needs to be somewhat simple. By that I mean, you should be able to teach it to someone else in a relatively short amount of time.
4. Fourth
Your business needs to make money. It's no use franchising a business that isn't profitable. If your franchisee can make around a 15% return on their money then you're okay.
5. Fifth
You have to be able to manage a corporation. You no longer will be managing a small business so you'll have to put your franchisor hat on and sharpen your management skills.
6. Sixth
Does your business have a uniqueness to it. This flies in the face of what I told you in the first element, but it does help.
7. Seventh
Your business needs to be able to thrive in any locale. It should not have a regional flavor to it to the point that it wouldn't work in another part of the country.
8. Eighth
The industry your business is in preferably should not be dominated by huge conglomerates. Industries with lots of Mom and Pop shops is a good sign.
9. Ninth
Can the inventory that your business uses be financed. You'll need to create financial leverage so it's best to have assets that can be financed.
10. Tenth
Are you willing to take advice and invest in the proper help you'll need to franchise your business. You might be a great window company but you probably don't know much about franchising so you'll need to invest in professional help.
The following are several companies that help small businesses who want to franchise make their dream a reality.
___________
FranCorp
http://www.FranCorp.com/
Premier Franchising
http://www.PremierFranchising.com
Horwath Franchising
http://www.franchise-executive.com
The iFranchise Group
http://www.ifranchise.net
The Franchise Strategies Group
http://www.FranchiseGroup.com
NOTE: I have no personal experience with any of these companies and do not endorse any one franshise consulting company.
Conclusion
Franchising is a viable marketing strategy to expand your business. Again, I've seen franchising literally explode businesses in a very short period of time.
And there are other ways of expanding your business without having to "franchise" your business. But I'm not a lawyer so I'm going to talk about them. :-)
The Curiously Strong Way to Expand Your Business - To learn more about this author, visit David Frey's Website.
Like this article? Share it with your friends
Do you have a successful business but don't know how to expand it?
Do your customers love your products and services and often tell you that you should take your business nationwide? (or worldwide?)
Do you have a unique business concept that if you could just get people to sell it for you, you know it would be a huge hit?
Do you have a great product or service but you're struggling to find commissioned salespeople that will sell it for you?
__________
These are common frustrations that I often hear from small business owners.
I received an email the other day that reminded me of one simple solution that solves the aforementioned problems.
Okay, maybe it's not so simple, but it's definitely one solution that is widely employed but only by a very small subset of businesses.
The Solution to the Problem and the Curiously Strong Email that I Received that Reminded Me of this Solution
Here's a snapshot of the the email I received that reminded me of this solution.
http://url123.com/8ggrs
Did you have the same reaction I did?
Altoids?
A franchise?
What a novel idea.
Well, it's not actually a franchise they're advertising, but...franchising IS a very effective way to expand your business.
How a Friend of Mine Grew a Consulting Franchise from $0 to $8 Million in Less than 10 Months
I witnessed first hand how effective franchising can be when a friend of mine started a consulting franchise from scratch and built it into an $8 million dollar company in less than 10 months!
And he didn't even have one client!
Can you believe that.
He didn't have one client. He simply took his processes, procedures and business model and franchised it and then sold it to other consultants.
Actually, he "licensed" his system rather than franchising it.
It was amazing to behold. (I was a little jealous :-)
But Why Do So Very Few Business Owners Franchise?
...Probably for several reasons:
1. They think it's too complicated.
2. They fear they'll lose control.
3. They believe it's very expensive.
4. They don't think they have a business that can be
franchised.
Or, they probably just didn't know how to go about it so they never pursued it.
All of these fears are unfounded.
They are myths (like my friend proved).
Most any business can be franchised.
The franchisability of a business has more to do with how you run your business than the business you are in.
Here Are Ten Elements that Make Your Business Franchiseable
1. First
You do need a decent business concept. But it doesn't have to be a novel concept. Heck, look at how many hamburger joints are franchised.
2. Second
You should have a good operational system. This means that many of your operations are somewhat systematized.
(If you want a good step-by-step guide by someone who used to do this for a living go to http://www.successideas.com/BizBlueprint.htm)
3. Third
Your business needs to be somewhat simple. By that I mean, you should be able to teach it to someone else in a relatively short amount of time.
4. Fourth
Your business needs to make money. It's no use franchising a business that isn't profitable. If your franchisee can make around a 15% return on their money then you're okay.
5. Fifth
You have to be able to manage a corporation. You no longer will be managing a small business so you'll have to put your franchisor hat on and sharpen your management skills.
6. Sixth
Does your business have a uniqueness to it. This flies in the face of what I told you in the first element, but it does help.
7. Seventh
Your business needs to be able to thrive in any locale. It should not have a regional flavor to it to the point that it wouldn't work in another part of the country.
8. Eighth
The industry your business is in preferably should not be dominated by huge conglomerates. Industries with lots of Mom and Pop shops is a good sign.
9. Ninth
Can the inventory that your business uses be financed. You'll need to create financial leverage so it's best to have assets that can be financed.
10. Tenth
Are you willing to take advice and invest in the proper help you'll need to franchise your business. You might be a great window company but you probably don't know much about franchising so you'll need to invest in professional help.
The following are several companies that help small businesses who want to franchise make their dream a reality.
___________
FranCorp
http://www.FranCorp.com/
Premier Franchising
http://www.PremierFranchising.com
Horwath Franchising
http://www.franchise-executive.com
The iFranchise Group
http://www.ifranchise.net
The Franchise Strategies Group
http://www.FranchiseGroup.com
NOTE: I have no personal experience with any of these companies and do not endorse any one franshise consulting company.
Conclusion
Franchising is a viable marketing strategy to expand your business. Again, I've seen franchising literally explode businesses in a very short period of time.
And there are other ways of expanding your business without having to "franchise" your business. But I'm not a lawyer so I'm going to talk about them. :-)
The Curiously Strong Way to Expand Your Business - To learn more about this author, visit David Frey's Website.
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr'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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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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