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Franchise Your Business

06 Mar 2024
Theatre 6 MI

Franchising is the most dynamic method of expanding a business in the twentieth century.  Yet, not all of those that venture upon this strategy will find that to be a "road to riches." 
Business owners should gain a thorough understanding of what is involved in franchising in terms of franchise law, resources, costs, and personnel. 
While your business may be ready to franchise, there may be legal, financial, operational, or resources barriers that should be overcome before proceeding with this strategy.

Assuming that you have a franchisable business and the resources necessary to succeed, your next step should be to determine if
franchising is the best strategy based on your own personal goals and objectives.  

This session will include a series of 12 predictive criteria that assess the readiness of a company for franchising: 

1. Credibility – To sell franchises, a company must first be credible in the eyes of its prospective franchisees.  

2. Differentiation – In addition to credibility, a franchise organization must be adequately differentiated from its franchised competitors. 

3. Transferability of knowledge – The next criteria of franchisability is the ability to teach a system to others.  

4. Adaptability – Next, measure how well a concept can be adapted from one market to the next.  

5. Refined and successful prototype operations – A refined prototype is necessary to demonstrate that the system is proven, and is generally instrumental in the training of franchisees. 

6. Documented systems – All successful businesses have systems. But in order to be franchisable, these systems must be documented in a manner that communicates them effectively to franchisees. 

7. Affordability – Affordability merely reflects a prospective franchisee’s ability to pay for the franchise in question. 

8. Return on Investment – This is the real acid test of franchisability.  

9. Market trends and conditions – While not an indicator of franchisability as much as a general indicator of the success of any business, these trends are key to long-term planning.  

10. Capital – While franchising is a low-cost means of expanding a business, it is not a "no cost" means of expansion. 

11. Commitment to relationships – Successful franchisors focus on building long-term relationships with their franchisees that are mutually rewarding. 

12. Strength of management – Finally, the single most important aspect contributing to the success of any franchise program is the strength of its management. 

 

Three takeaways the audience can utilize immediately in their organization:

  • Overview and definition of franchising.

  • Why do businesses franchise?

  • Is your business franchisable, and the proper steps to take.

Speakers
Emiliano Jöcker, Senior Advisor - iFranchise Group

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