Its every small business owners dream to see their original idea blossom into a national sensation. If only it were that easy. While every small business can be franchised, not all of them should be. The success of new franchises hinges on the ability of the franchisor to navigate through the potential pitfalls of uncharted business waters.
The first thing that needs to be done is make sure there is room in the market for your franchise. Is your product exciting, not just to consumers, but as a business opportunity? Conducting an unbiased feasibility study is the best way to get the hard facts. As a potential up and coming franchisor you need to be prepared for the fact that, while your small business is successful on its own, market conditions may indicate that franchising would not be the most suitable option. There are a huge number of factors to consider:
Current economic climate
Effects on family and home life
The next step to moving forward is to get expert advice. A reputable franchise attorney or consultant is essential to navigating those potential pitfalls. From market surveys and feasibility studies to business plans and marketing to potential franchisees, a professionals assistance may mean the difference between a wild success and a disappointing failure. Franchising is not a do-it yourself process.
Once a trustworthy attorney is onboard and market research indicates the potential for success, its time to find franchisees. What does buying your franchise offer that others do not? Something needs to set your business apart from the crowd in this competitive industry. For example, an excellent training and support program for new franchisees is one way to accomplish that goal.
The risks and rewards are great in the franchise industry, just as they are in all business ventures. Thats what makes it so exciting. The decision to franchise your business is not an easy one, but doing thorough research, setting clear and concise goals for what you wish to accomplish and consulting with an experienced, knowledgeable franchise attorney is a great way to get started.