Franchising your business is always an option when your have a service or business system which is easy to replicate and teach to others. It can take a lot of time, money and effort to get a franchise off the ground but generally it's cheaper and faster to expand through franchising than any other business model.
One of the most important things is to have the financial statements to back up and prove the success potential of your particular business. That's what your selling... your way of making money so it has to work. Without that you'll find it very difficult to get any franchisees and will probably fail.
The main reason for someone buying a franchise is to make money and lots of it.
So assuming you do have a successful product or service the next thing to ask is could someone else replicate it and be just as successful as you but in a totally different geographical location?
This is at the heart of franchising so the success of your business must not depend in any way upon your own location, it must be something which could succeed wherever it's started in the country.
It's not going to work if it takes a long time for someone else to learn how to copy your business. A week of 1-1 training is the maximum for most franchises and I'm talking about really big ones here. More usually it's just a weekend or 1 day. You will need to be able to break everything down in to a 'monkey see monkey do' approach. You'll also need to write an extensive Operations Manual detailing what to do for each and every step of the business.
Selling your finished franchise going to be exciting and hard work at the same time. If you have failed to properly research the viability of your franchise then you may not sell any at all - quite a waste of time, effort and money! The single biggest factor for selling your franchise will be the potential it provides someone else to earn money. Remember they are risking an non refundable initial deposit so they are taking a risk.
There's lots and lots of competition for franchises now days so the package and earnings you offer need to very attractive in order to stand any chance of success. In the next articles will go into this in lots more detail.
Author Resource:
Payo Hernandez has set up and owns his own successful franchise. He also writes popular online product reviews and you can see his guide to Keys fitness equipment . You'll also find popular information and bargains on Proform fitness equipment .
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