Pretty much every business, whatever the sector, has a vision that it wants to grow in size over time. Done in the right way, growth can lead to increased profitability, which in turn can make a business a more attractive prospect for a buyer. But funding growth can be challenging because it frequently requires major capital investment.
One route to growth that requires less financial outlay is to franchise your business. This is the option that we took with Pyjama Drama. We offer drama and creative play classes for babies, toddlers and children up to the age of seven. The founder and my fellow director, Sarah Owen, is an experienced drama teacher. She initially created Pyjama Drama classes as something to run in her own local area. Franchising the business was the most logical route to growth because trying to set up and run classes in multiple areas around the UK – without local knowledge and without being physically in the area – would have thrown up all sorts of potential problems. Read full post.