Turn dreams into reality.
If you’re dreaming of growing your business rapidly and wanting to turn it into a household name, franchising may be the next step for your business. When the right business is franchised effectively, you may see fast expansion that doesn’t require as much capital upfront; as it would when growing through company-owned sites.
When considering franchising, it’s important to know the process of becoming a franchisor. Often, the process is long and involves time spent refining your business opportunity. Your business may be ready to sell franchises, but that doesn’t mean you’re ready for buyers. A franchise isn’t just about the business, it’s also about the people. The growth of your network is achieved through franchisee investment – appreciate those who invest. Once you’re business is ready for franchisee investment, you’ll enjoy countless benefits watching your brand grow.
Advantages of franchising:
- As a franchisor, you won’t have to concern yourself with day-to-day operations.
- Utilise franchisee’s skills and capital to grow your brand.
- Profits are earned without a high involvement of capital risk.
- Excellent quality control as franchisee’s are motivated by their own profit.
- As a franchisor, you’ll have fewer staff challenges.
Australia is the most franchised nation in the world, and as a result strict legislation exists to protect both franchisors and franchisees. Before you consider franchising, evaluate your business. The first step is to ask yourself “beyond a track record of sales and profitability, is my business suited to franchising?”
Consider your concept. Does your business appeal to customers and is it a lucrative opportunity for future franchise partners? Your business concept has to be something that can be easily replicated, and doesn’t require a lot of developing to be successful. Prepare for change. Becoming a franchisor means your role may change from business owner to teacher. Franchising your business means that you’ll have to create a collaborative environment where everyone in the network can be part of the business’s success.
Franchising your business is a great way to expand. A successful network requires planning for the beginning, so make sure you’re prepared to make the necessary changes that’ll take your business to the next level.