The past 12 months has seen a big rise in the amount of companies who are considering growing their business through franchising. At a time when the economy is a cause for concern franchising offers a very cost effective way to expand. It has been well documented that banks are tightening up their lending criteria and they are looking for businesses with a proven business format and a track record of achievement – and franchising fits perfectly into this category.
Outlined below are some of the key criteria that any potential franchisor should meet if they want to franchise their business.
Branding
Strong branding is fundamental. People want to invest with a sense of pride in a business that portrays a strong corporate identity and has a brand suitable for national or international recognition. If the trade name has been formulated around a local region and is unsuitable to travel nationally, it is best to formulate a new brand before franchising is undertaken. The brand should be simple and shout out the message of clarity, professionalism and quality.A Proven System… read on.
