Is Franchising Right for Your Business?
Three things to check before you invest in franchising.
Not every business should franchise. Before you put time and money into franchise development, make sure your business meets three essential criteria.
Watch time: 1m 25s
The three criteria in brief
Franchising isn’t right for every business. Julie sets out the three things that need to be in place before a business is franchisable.
A viable business. Financially, the business needs to be properly profitable. Operationally, it needs strong foundations from the outset.
A compelling difference. There has to be a real reason to choose you in a crowded market. It might be a better service, or a product people can’t get anywhere else, but it needs to stand out from the competition.
The ability to scale. You need a team that can support new franchisees as they join, and the business must run without you at the helm. That means systems, processes, policies and people around you who can help the franchise grow.
If you can tick all three, the next step is working out what it takes to franchise your business.
