Deciding to franchise your business, drafting a franchise agreement and meeting with energetic, capable entrepreneurs can be one of the most exciting undertakings of your professional life. It can also be a shrewd business decision, since franchising allows your business to expand while motivated franchisees compete and negotiate the rigors of attaining startup capital, selecting and building out a location in consultation with franchisors and altogether vastly accelerating the growth of your business brand.
However, the franchising model is not the right fit for all businesses, and a thorough examination of each facet of the business much be conducted in order to come to that determination. Some major questions must be considered before making the decision to become a franchisor:
- Does the business concept satisfy a basic consumer need or desire?
- Can the business concept be replicated?
- Will the business concept be profitable to the franchisee?
- Will the franchise concept be profitable for the franchisor?
- Is there enough ongoing support to keep the franchisee in the system
We can help you answer these questions and decide if franchising your business is right for you.