Does it Make Sense for Me to Franchise My Business?
July 18th, 2008 | by mdavis |Recently, we’ve had a number of entrepreneurs asking us questions about whether it makes sense to franchise their businesses. While it’s truly something that should be considered on a case by case basis, we thought we’d provide some basic information to aid in the decision-making process.
Reasons why an entrepreneur might consider franchising a business include:
- Great business model/idea, but a lack of capital or unwillingness to risk one’s own capital
- Desire to get to scale quickly
Whether the business is successful at franchising depends on a number of factors, among them:
- Does it generate the steady cash flows necessary to keep both franchisor and franchisee happy?
- Does the concept resonate with (the right) prospective franchisees?
- Is the model replicable? Are the systems in place and effective?
- Will the underlying product/service meet the needs or expectations of the business’ customers, i.e. does the frozen yogurt taste good?
For expert advice on whether you should franchise your business please check out some information on our partner, The Franchise Edge. They’ll provide a free consultation to assess your business’ needs and determine whether franchising is an appropriate fit for your business.
We’d be interested in hearing any thoughts or experiences our users might have about franchising their businesses.
6 Responses to “Does it Make Sense for Me to Franchise My Business?”
By md2020 on Jul 31, 2008 | Reply
Here’s a related article I came across on a Harvard Business School website.
Making the Decision (or not) to Franchise.
By chrisweeks on Jan 3, 2009 | Reply
Beanstalk Management is a leading
Business broker
company, find out more at our website: http://www.beanstalkmanagement.co.uk .
By Express Personnel on Feb 2, 2009 | Reply
Making your business a franchise can be a difficult and time consuming process. Make sure that you have all the pieces in place before trying to take on such a task.
One of the worst things you can do for your brand is have people that are misinformed representing you in the market. This can quickly ruin your reputation and potentially hurt not only your franchises but your own business.
Express Franchising
By hari001 on Feb 12, 2009 | Reply
HI,
Nice blog.
Business Opportunities
By Amanda171 on Mar 24, 2009 | Reply
I think the best way to survive the present crisis is franchise franchises, this can be a great way to make a living, check out this Franchise Website http://www.franchisefordads.com
Great website with the latest franchise opportunities, has a wide selection of franchise business to select from depending on your budget, skills and interests.
By dantova on Aug 11, 2009 | Reply
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