Franchising is not a golden bullet to success in business. It’s one type of business model or configuration that a business can operate through but it’s not the only one; in some cases, a franchise business model may not be suitable. So is your business franchiseable? To find this out, you’ll need to undertake a feasibility assessment, preferably in consultation with an accountant, a lawyer and a franchise consultant. This is a structured approach that covers all the key components which determine how a workable franchise would be configured.
Sir Edmund Hillary didn’t climb Mt Everest on his own – he teamed up with the experienced Tenzing Norgay for the final assault. Similarly, scaling the challenges of building a franchise requires working with advisors who have navigated the path before. Engaging franchise-experienced specialists with proven track records will greatly improve your chances of launching your franchise business successfully.
Build on solid foundations with the right architects and franchising has the potential to leverage your business from one to many. It can be a great journey, building a national brand with international potential and a network that supports many families and creates employment. There will always be challenges but there will also be rewards. Do it right and enjoy the franchising journey.
Franchise consultants Franchize Directions will be holding a Franchise Development seminar on Friday 30th June as part of the Franchise Business Festival. If you are thinking of franchising your business, this seminar is a must attend. Contact firstname.lastname@example.org or call 011 803 0665.