You wouldn’t be the business owner first to ask, why should I franchise my business?
At one point or another in the life span of most any small business, owners begin to feel the need to grow. Many times, they too ask, “should I franchise my business?”
There are as many arguments for small business growth as there are against ‘maintaining a comfortable cruising altitude’ once successful.
However, for those owners who do find the idea of growth appealing, scaling a business at a controlled and reasonable rate can be quite lucrative.
That said, the franchising approach can be one of the best ways to spread your brand without reinventing the wheel.
I want to grow, but why should I franchise my business?
Business owners tend to run their businesses, especially small ones, almost completely on gut instinct many times. They fulfill untold obligations by the hour, each and every day.
To many business owners, this is the heat of battle…this often times ‘reactive’ intuition is what got them where they are today.
However, this ‘fly by the seat of the pants’ daily grind is not necessarily conducive to growing by utilizing other people’s skills and capital to grow a brand.
In fact, any owner with that lingering “should I franchise my business?” question that is always on the tip of the tongue should recognize that to run multiple ‘units’ of any business requires military like precision.
Precision requires itemization, process steps to be carefully outlined. A business owner will often quickly realize that there is simply no way he can “photo copy” his business easily for another to run.
This is precisely where franchising has excelled over the years. It’s why so many owners do indeed, decide to franchise their businesses, their babies. In fact sources say that franchises made up over 10% of businesses across almost 300 industries in 2007.
Franchise development consultants, or franchise consultants, are often there to guide a business owner through the legalities, planning, training, documentation, marketing, the list is exhausting for a business owner to tackle alone (all the while running his business).
Should I franchise my business? You could certainly grown your business without a franchise model as some have, but the proof is in the pudding (and there is lots of pudding these days).
Only you can say for sure, but here are some parting thoughts on why franchisers have done it through the years:
1. Lower cost
2. Simpler Management
3. Faster Expansion
4. Better Market Penetration
5. Greater Commitment
6. Less Recruitment
7. International Potential
Still stuck on the question, should I franchise my business? Call NFA today, as experienced franchise development consultants, we are here to help!
