How to Turn Your Business into a Successful Franchise
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When you think of franchises, the first thing that usually comes to mind is big international corporations with hundreds of locations and thousands of employees.
But all of these businesses had to start somewhere, and the franchise business model is an adaptable one that can suit all shapes and sizes. If you've ever wondered how to franchise your business, read on - in this article, BusinessesForSale.com looks at how you can use your business acumen and management skills to turn a successful business into a successful franchise.
Be adaptable, and learn from other franchisors
Branching out into franchising isn’t always something planned – for many entrepreneurs it comes as a natural next step after their business finds success. The key is to be adaptable, and seize the opportunities for growth when they come along, even if they bring new challenges with them too.
While you’re still in this early stage, one key step you can take is to get to as many trade shows as you can. Events such as The Business Show US can provide a space to learn from other business owners and franchisors, who’ve been through the same experiences. They can walk you through the journey from one location to ten locations, fifty locations and beyond. Don’t be afraid to reach out to your network for support and advice.
Find a first franchisee you can trust
The most important thing you’ll need to franchise your business successfully is a first franchisee you can trust. If you built your business from the ground up, handing over the keys to your brand can be a difficult decision. You need to be sure the person who’s representing you is passionate about the role they’re stepping into, and the first branch of your new franchise can set the tone for many more to come.
If you don’t have any existing customers that you think could step into the role of franchisee, don’t stress. You can find dedicated franchisees by advertising your franchise on online platforms like BusinessesForSale.com.
Start local, dream global
In an ideal world, your first franchisee and the branch they open should be close to your original location. Not so close that you’re competing with each other and encroaching on potential profits, but close enough for frequent check-ins while you’re figuring things out in the early stages.
Keep in regular contact and listen to both their struggles and achievements. The key to successfully franchise your business is offering support and training to your franchisors, but you won’t necessarily get it right the first time if you’re new to this, too. Be open with your franchisee about what they need and how you can support them.
The journey from business owner to franchisor is different for everyone, and most people start it without a blueprint for success. But surrounding yourself with people you trust, keeping your franchisees close and learning from the experiences of others who’ve walked the same path can help you navigate the complexities.