Get Your Online Business into Franchise
Get Your Online Business into Franchise
Get Your Online Business into Franchise
How to know when to turn successful outsourcing business into a franchise
You've successfully established your own business and/or brand and now want to take it to the next level turn it into a franchise. But does your business have what it takes to become one? Experts weigh in on how you can tell your business is franchise-ready.
LOOK BEFORE YOU LEAP.
Now is the best time for any entrepreneur to look at expanding his business through franchising. If you expand on your own, that would require a bigger capital. You'll be spreading yourself out too thin among your branches, and your attention to customers will be out of focus.
MAKE SURE BUSINESS IS FRANCHISE-READY
Establish your brand and make sure your business is stable even when run by franchisees. The best time to franchise is when your business is able to support other businesses beyond your won company stores. A good franchise is a business that must make a profit and seen as a business that will go beyond trends and downturns.
There are certain criteria to meet to make sure your business is franchise-ready. Ask yourself the following questions:
Is your business in demand?
"Know if you are getting inquiries from customers or otherwise. Also, find out if your product or service answers the needs of your customers."
Can your system be replicated?
"Make your system that your system is not too difficult. Prepare a training kit and operations manual for your franchisees, because everything must be synchronized, and your franchisees will be guided."
Are you willing to trust your business to an outsider?
"Remember that franchisees are not your employees; they're your partners. You can't just order them around."
BE READY TO MANAGE A "NEW BUSINESS"
Once you go into franchising, you are already selling a business; you become a supplier, and many more [than] when you were just selling from your store or branches." Opening your business to franchisees is just the first step. Do not rush or you'll fail in a rush. Take the time to develop your franchise system. [Franchising] is easy to do, but if you don't do your homework, your efforts will still go down the drain.
LEARN ABOUT THE TRICKS OF THE TRADE.
If you want to get into franchising but aren't sure how to do it, learn the ropes first. Find a franchise consultant you are comfortable with. A franchise consultant acts as a "coach" to guide business owners who want to get into franchising. He looks at and evaluates the business system, then makes recommendations to prepare the business for expansion. Franchise consultants stay on for 3 months to 1 year prior to opening a business to franchisees, and sometimes still drops by to monitor the franchises. The industry rate for franchise consultants range from $7,800 to $44,500.
FIND FRANCHISEES YOU CAN TRUST.
Franchising is a long term commitment. You should take the time to evaluate potential franchisees. It doesn't matter if you have the best brand from the best franchisors. If the franchisee thinks they [have just] bought a franchise that can work on auto-pilot and be profitable on its own, that good franchise can turn into sour lemons.
Franchisors and franchisees should have an open and dynamic relationship. Both the franchisor and the franchisee must be involved and committed in business.
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