Why You Would Want to Franchise Your Business
Why You Would Want to Franchise Your Business
You have a knack for business. Your customers covet your goods and services. Business is going well and has been for a long time. You are thinking that it would be lucrative to branch out your business. What should you do next?
The following article discusses making your own business into a franchise.
Why it is not common
Many businesses eventually franchise, and yet, others do not. Why do the latter hold out? There are several reasons some owners do not decide to franchise: they believe the process to be complex, they do not want to lose control of their business, they are under the impression that it will be very expensive, they do not know their business model can be franchised, etc.
The above are all viable concerns, but they are not reasons to stop one from looking into the process. The truth is that franchising can be very advantageous for a business and the owner’s pocket. It is not something that should be done hastily – it will take time and effort, but when done efficiently, it is well worth it.
How to mold your business into a franchise
Several steps can be taken to ensure a smooth transition from a small business into a franchise empire.
- Create a great concept. All franchises are built upon a great concept. You do not have to reinvent the wheel; you just have to make it work.
- Things need to run smoothly. All of your systems need to be in order. Operational, accounting, marketing systems, etc. need to be tightly running.
- Your model needs to be easily duplicated. You will have to teach others to run your business, so the more easily it can be taught and interpreted; the less time will be needed to address these issues.
- The business needs to make money. If the business will not be successful with others running it, it cannot be a successful franchise. Usually, if a business can make about a 20% return on the investment, it is a franchise candidate.
- Be prepared to think big and change your role. There is a difference from running one store and being the franchisor of multiple stores. Managerial skills will be necessary to cultivate and implement.
- The business needs to be applicable in many locations. For instance, a surf shop will not be as popular in Kansas as it would be on the California coast. The products and services need to be widely needed.
- It will be better if your industry does not offer big business competitors. You want your competition to be mostly small businesses.
- You will need to be open to suggestions. Franchising is a great opportunity, but takes careful planning.
Why You Would Want to Franchise Your Business - To learn more about this author, visit Ken Wisnefski's Website.
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Introduction
You have a knack for business. Your customers covet your goods and services. Business is going well and has been for a long time. You are thinking that it would be lucrative to branch out your business. What should you do next?
The following article discusses making your own business into a franchise.
Why it is not common
Many businesses eventually franchise, and yet, others do not. Why do the latter hold out? There are several reasons some owners do not decide to franchise: they believe the process to be complex, they do not want to lose control of their business, they are under the impression that it will be very expensive, they do not know their business model can be franchised, etc.
The above are all viable concerns, but they are not reasons to stop one from looking into the process. The truth is that franchising can be very advantageous for a business and the owner’s pocket. It is not something that should be done hastily – it will take time and effort, but when done efficiently, it is well worth it.
How to mold your business into a franchise
Several steps can be taken to ensure a smooth transition from a small business into a franchise empire.
- Create a great concept. All franchises are built upon a great concept. You do not have to reinvent the wheel; you just have to make it work.
- Things need to run smoothly. All of your systems need to be in order. Operational, accounting, marketing systems, etc. need to be tightly running.
- Your model needs to be easily duplicated. You will have to teach others to run your business, so the more easily it can be taught and interpreted; the less time will be needed to address these issues.
- The business needs to make money. If the business will not be successful with others running it, it cannot be a successful franchise. Usually, if a business can make about a 20% return on the investment, it is a franchise candidate.
- Be prepared to think big and change your role. There is a difference from running one store and being the franchisor of multiple stores. Managerial skills will be necessary to cultivate and implement.
- The business needs to be applicable in many locations. For instance, a surf shop will not be as popular in Kansas as it would be on the California coast. The products and services need to be widely needed.
- It will be better if your industry does not offer big business competitors. You want your competition to be mostly small businesses.
- You will need to be open to suggestions. Franchising is a great opportunity, but takes careful planning.
Why You Would Want to Franchise Your Business - To learn more about this author, visit Ken Wisnefski'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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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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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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