In my over three decades of experience as a franchise consultant, there are a number of questions I am frequently asked about how to franchise your business. Here are some of the most common Q&A’s:
Q. There is a lot of competition out there. As the “new guy,” how can I get noticed?
A. Many people are attracted to the idea of opening a franchise with a new Franchisor. They recognize that they matter more to a new Franchisor, because the viability of the entire franchise program depends upon the success of its first few Franchisees. When you franchise your business, your initial Franchisees are typically more entrepreneurial in nature and are seeking a ground floor opportunity. Often, they are well acquainted with your company, and they are convinced that your franchise program will be successful.
When someone starts a new franchise program, there is usually some existing competition. When Papa Johns was founded in 1984, Pizza Hut, Dominoes and Little Caesars were already decades old. Just think of all the burger franchises out there when 5 Guys launched in 1986.
We at National Franchise Associates recommend that as a new Franchisor, you study any competitors in the marketplace when you franchise your business. Know their costs, strengths and weakness as well as what geographic areas they are targeting. As you franchise your business, decide how you can structure your franchise program to make it more sellable. Build in some competitive advantages. How is your product or service better? Can you provide more training or lower costs? Does your business target a different market segment?
Q. How important is my franchise training program?
A. We at National Franchise Associates believe that providing a well-structured training program for your Franchisees and their employees is one of the most critical elements when you franchise your business. Think carefully about what members of the Franchisee’s management team should be trained and how long it will take to train them adequately. Remember, the Franchisee’s employees you train at a Franchisor location will, in turn, be responsible for teaching the Franchisee’s other team members. They must be well-versed and confident in your systems and procedures to train and manage others. How much time do you invest in training a new manager for your business? Why would you offer less training to a Franchisee’s manager? When you franchise your business, your Franchisee’s manager represents your business name to the public.
Thinking About Franchising?
NFA Franchise Consultants have the experience to help businesses franchise. Just watch and listen to some of our client case studies and video testimonials. We can HELP YOU and it doesn’t cost anything to call and talk to us!
So, if you are still asking the “should I franchise my business” question over and over with no clear direction, give us a call at (706) 356-5637, or contact us through our online form. We look forward to helping you take your business to the next level and beyond.