December 1, 2012
[caption id="attachment_1255" align="alignright" width="300"] Number 1 Question on the Franchise Hotline this week: Should I franchise my business?Franchise Question of the Week[/caption] I got several calls this week from companies trying to determine whether their concept would fit well in franchising. There are many pitfalls in making this decision but several questions need to be answered in great detail with expertise and objectivity. First and foremost is a feasibility study which answers the question as to whether the concept would be a successful franchise. This is in reality an objective analysis of the business. This should be done with outside help from a franchise lawyer, consultant or an experienced franchisor. Often the business owner wants to franchise and neglects to completely study the issue. Second, many prospective companies after making the decision to franchise, attempt to save costs and try to begin the franchise journey on their own. It is expensive to franchise your business but a qualified lawyer preparing the documents, a company dedicated to writing manuals and a mentor from the franchising community goes a long way to avoid some serious pitfalls and ensure success. As I spoke to both concepts, asked questions and relied on my years in the industry, it was clear that one of the concepts would have difficulty with the franchise model. I gave her some names of prominent people in the industry that could help in her decision. An amazing thing about the franchise universe is that everyone wants to help make you a success! There are many franchisors that made the right choice but most made it with lots of help along the way. The franchise community continues to mentor and support others along the journey.