Does It Shout “Franchise Me!”?
Your cash register is ringing. You added 2 more employees last month. Your second location is almost ready for a full time manager.
Your regular customers are asking you when you’re going to “franchise” your business. Should you?I get my share of calls from small business owners who feel that they are ready to franchise their businesses. One of the more memorable ones was from an Ohio pizza restaurant owner. The gentleman who called asked me if I was interested in helping him develop his franchise.
I did my usual poking and prodding, trying to determine if he may have something that shouts “Franchise Me!”
Here are the five questions I asked him:
1. What is your USP? (Unique Selling Proposition)
2. How many stores do you have up and running?
3. Have you been documenting all of your procedures, so an operations manual can be written up fairly easily?
4. Why do you want to franchise your business?
5. Do you have funds readily available?
Sal (or you) may or may not have a business that is franchise material. If you decide (with the proper advice after considering all the factors) that you are going to franchise your business, be prepared to invest more than you think you will. And be ready to work harder than you ever have in your life. The rewards could be worth it.
jaeda on August 13th, 2008 11:39 pm
yes exactly! don’t be afraid to take a risk, perhaps no one knows if it’s gonna work or not, but if you really so into it.. i don’t think your business will go down.
cassy on August 16th, 2008 1:13 am
Well, if you really want to franchise your business, it’s best to hire a franchising consultant because there are many franchising regulations you will need to comply with. Good luck!
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