If your small business has started to meet with a nice degree of success, one of the best ways for expanding upon that success is by franchising your business. At one point or another, many small businesses owners find themselves in this position. However, the majority of these small business owners have no idea what goes into franchising their business, as well as what will ensure the success of that endeavor.
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There are, to be sure, some things that will be absolutely crucial for franchising your small business if you’re considering doing so. We’ll be reviewing those below.
It Starts With a Rock-Solid Concept
While you may be enjoying success on your own, that’s no guarantee that your business model will enjoy success if it’s expanded to other markets. Before you start trying to find franchisees, carefully consider your business model and whether or not it’s truly scalable. You don’t want to discover later on that your business model and concept are too narrowly targeted to your immediate market.
Know Your Business Inside and Out
When you boil McDonald’s down, they’re really not in the business of fast food; they’re in the business of real estate. Why is that the case? Well, McDonald’s has a whole business system that’s simply replicated from place to place. Can you think of any differences between one McDonald’s and another, aside from the building it occupies and the people who staff it? In order for your small business to successfully franchise itself, you’ll need to know your business inside and out, right down to the way pens are organized in the manager’s desk.
Training Will Be Essential
Of course, once you understand every detail of your business, you’ll need to be able to impart that knowledge onto your franchisees. That’s no easy task! Before you start looking for franchisees, make sure that you have a system in place that will successfully train anyone on how to run your business. Everything must be included. In addition, you may want to consider any ongoing training that might need to be provided in order to ensure your franchisees’ continued success.
The Right Franchisees Are Essential
If you have the concept and business model, the system hammered down, and a means of training potential franchisees on how to operate your business, then it’s time to find those franchisees. The first people that you choose to work with will be immensely important to the long-term success of your franchise model. Therefore, make sure that you select these people with care, and that you don’t simply offer a franchise to the first person that says he or she would like one.
Follow Through Is Everything
In creating a business that enjoys enough success to consider franchising, you know what it’s like to keep track of every detail. Once you’ve taken the jump to actually franchising your business, you’ll need that attention to detail more than ever. We’re not saying you have to micromanage, but after you’ve brought your first franchisee on board, you’d better make sure they’re operating the business the way that you intended. Otherwise, failure is on the horizon.