“Every day, somewhere in the world, entrepreneurs are taking the first step towards franchising their business. The ability to franchise your business has nothing to do with the industry it is in, or the profit margin of your venture. Sure, these factors are important to consider, yet there is so much more to the art of franchising.
When a client contacts me, and is interested in franchising their business concept, there are several questions that I will ask to begin with. These questions have little to do with the business, and more to with the founder/culture of the business, and the concept itself. As I speak to a client, the first thing that I like to hear is their ‘founder’s story’.
- How did they start their business?
- What motivated them to create their business?
- What do they hope to accomplish by franchising?
- Do they have their family’s support?
- How long do they see themselves working in this business?
- Would they prefer to work in their business, or on their business?
- Have others wanted to become involved with their Brand, and how do they feel about that? The answers to these questions tells me alot about the passion, drive and aspirations of the founder. This will also allow me to hear how they tell their ‘story’, because chances are, they will tell that story to hundreds of prospective franchisees. It needs to be sincere, genuine and most of all, inspiring.” – Brenda Dronkers
Here are a few questions to ask yourself when evaluating your businesses franchise ability.
Do I have a unique concept?
The franchise industry is loaded with all sorts of unique concepts. What makes yours unique? Is there a differentiating quality about your business?
Do we have your operations systems in check?
Operating systems are necessary in franchising in order to make sure each one of your franchises are running smoothly, and running the same as the original flagship and to corporate standards.
Is our business replicable?
One of the most important ways to prepare your small business for franchising is to make sure every aspect of it is replicable. Each franchise must be able to look and feel the same way as the original flagship.
Could our business adapt and succeed in different markets?
Your business must be able to adapt to the different markets it will face. This includes regionally and nationally.
If you think that your business is franchise ready, don’t hesitate to ask someone. Contact us here.