Turning Your Business into a Franchise
The franchise model is an excellent concept, but what are the ingredients needed to push it forward? Entrepreneurs who seek to drive their business to new heights often believe that they can replicate their business in other geographical areas, if they only had the time and resources at their disposal. They have the idea and a successful business model but can it be scaled into something larger?
To help this move forward please consider;
The brand. Is it recognisable, obvious and transferrable? The brand is the essence of the operation and is it something that can be branded, patented or kept as an individual operation? For example a well known fast food chain may cook chicken, but they cook a specific type of chicken in a certain way with its own unique taste. Is your operation and customer offering something truly unique?
Can you protect your brand and offer something that no-one else could. Do you do things a specifically different way? Is the business transferrable and can you impart that expertise and knowledge that you possess.
Do you recognise the market and how you deliver service to that marketplace? Or is the market unique to your area, personality and business?
The financial rewards. You must review your own business and its track record. Many entrepreneurs will rush to franchise when a year or two holding back will gain better results because they will encounter more experience not only in running the business but also in weathering outside forces and deliver further profits which franchisees will find attractive.
Ask yourself some questions; Has your business grown for 3 years and is it profitable? Do you have operating manuals and systems that are watertight and does your team work to and improve all the time?
Seek Guidance. Once you feel comfortable with the answers to these then you could seek expert assistance to start the process. Membership to the BFA (British Franchise Association) and expert guidance throughout is essential.
We shall not discuss the ideal franchisee nor the premises or operation however, please consider that this is a specific area in law. Legal guidance on protecting the patent, trademark or brand and the franchise agreement are essential ingredients to any successful franchise. They should be standard and never altered.
It should be fun and you should see your idea grow to become a national household name.
Next week I shall begin my mid-monthly blog series topic on 'Tradition Vs Technology'. In the meantime, please do share your comments and questions below and see my book for what drives an entrepreneur forward into the fast lane.
*Image courtesy of Flickr