Developing your business into a franchise is a monumental decision that can open many opportunities with potential to start a journey in generating substantial wealth. However, if it were easy to franchise a business, then every business would be a franchise! That’s why it’s important to identify several aspects of your business that will indicate if your business is primed to undergo franchise development. Let’s explore the several questions you should ask yourself before making the decision to franchise.

 

Is Your Business Successful?

The definition of success varies greatly from one entrepreneur to the next. However, in the business world, success is determined by staying in business and turning a profit. If your business is not generating a consistent flow of income, then you should not consider franchising. You should identify the problems and make sure you can get your venture operating right. That being said, if your business is thriving, then you already have the most important box checked off. That’s why you don’t need to have expanded to multiple locations before you franchise – it’s all about sustaining a consistent and positive flow of cash.

 

Is Your Concept Proven?

The reason why franchising is so successful is because entrepreneurs invest in a proven business model. Starting a business from scratch is commonly met with tons of obstacles that exhaust an individual and their resources. More often than not, these are the businesses that close quickly within a year. Franchises are business opportunities that have already overcome these obstacles and have been in operation for quite some while. There is no official time frame for when your business is considered to be proven. Whether your venture has been open for six months or for years, Franchise Creator can help you develop it into a reputable franchise. It’s crucial that when preparing for franchise development, you refine and monitor your operations down to the smallest details. Plus, in this new era of a post-COVID world, it’s extremely crucial to identify the aspects of your business that can be modified to sustain an income.

 

Can You Sell It?

It’s hard to imagine an economy where businesses do not have anything to separate themselves from the competition. That’s why branding plays an important role in franchising. A strong brand will not only appeal to consumers who seek your product or service, but also to the potential franchisees who are investing in your concept. It’s important that, as a business owner, you are constantly making adjustments to your brand alongside the operational facets. This includes trademarking your business’ name, logos, and any other material that pertains to the brand. Why is this important? Someone can file a trademark that of your concept’s name, preventing you from expanding whether it’s corporate or through franchising. The other side to a salability of a franchise is the experience and credibility of your founding team. Often times, a newly-developed franchise will sell well because the original owners successfully prove to investors that they have the know how to support them and keep the overall brand thriving. A great way to gauge the success of your business is through the amount of unsolicited franchising inquiries you receive.

 

Can it Be Replicated?

At its simplest, franchising is essentially a copy-and-paste method of expansion, meaning that any business owner can relocate their business anywhere else and still be as successful. Entrepreneurs should analyze their entire business model and identify any key factors that rely on a specific ingredient or service that must be sourced locally. For example, if you own an oceanfront seafood restaurant and your success is dependent on the freshness of the fish you receive, then it might not be as successful if it was located far from a coast. Alternatively, if you own a snow-plow business, needless to say, it obviously will not be successfully in areas where it does not snow. If your business thrives because of a exceptional salesman, then you might not be ready to franchise; however, you should make the effort to identify why they’re selling well and incorporate that into your overall business model.

 

ROI’s: Is Yours Feasible?

As with any business, it takes an estimated amount of time before a franchisee can start turning out a profit with their venture. This is known as the “return on investment,” and it is perhaps the most frequently asked question from potential investors. It’s important that you design your franchise opportunity so that franchisees feel they have an adequate opportunity to begin reaping the benefits from franchising your concept.

 

Are You Committed to Become a Franchisor?

Despite franchising being one of the most effortless ways to exponentially grow your venture, you must be determined assist and guide all of your franchisees throughout the development and ongoing operations of the business. That’s why as a franchisor, you should be prepared to create a comprehensive training program to help franchisees replicate your product/service up to your standards. In addition to this, you should be prepared to help franchisees: scout a location for their franchise, connect with a reputable network of vendors, and help them advertise their new franchise location. Remember, the most successful franchises came from an all-hands approach by the franchisor to ensure success for all franchisees.

 

Can You Afford Franchising?

Even with a successful business model and a willingness to be the most supportive franchisor, many entrepreneurs don’t franchise their concept simply because they cannot afford it. Some firms charge up to six figures to develop a business into a franchise. Fortunately, Franchise Creator, a Miami-based franchise consulting firm, has made it affordable for business owners to undergo franchise development. At only $45,000, you receive a thorough comparative analysis study, a Franchise Disclosure Document, an operations manual, and a sales force to boost franchise sales. If you still can’t afford it, Franchise Creator will lower for equity in your business. Regardless of how you approach it, once you sell one or two franchises, you’ve already covered the cost of your franchise development. Any franchise sales after that will begin to accumulate into substantial income! If you’re ready to develop your business into a franchise, contact Franchise Creator right now!

 

About Franchise Creator

Franchise Creator provides a comprehensive line of services supporting businesses through the process of franchising their concept. Founded by Mr. Hossein Kasmai in Miami, FL, Franchise Creator helped convert over 400 businesses into well recognized franchise brands. Mr. Kasmai has launched many successful concepts of his own that have been ranked by Entrepreneur Magazine among the Top 500 franchises for six years in a row and the Top 100 fastest-growing franchises for two years in a row. For more information about Franchise Creator, please visit the company website at www.franchisecreator.com or call 305-592-9229.