When it’s time to grow your business—but you aren’t sure you have the time or money to do it all yourself—franchising might be worth considering. Franchising your local business will allow you to grow in a positive way in your local community, and won’t require as much time, labor or capital as it would if you were opening the new location yourself.
You may be wondering—is franchising right for me? In today’s blog, we will share a few traits of powerful potential franchises to help you decide.
Businesses that are especially apt for franchising typically have…
If you’re seeking to franchise your Volusia County business, you want to ensure that your business is—on its own—already a staple of the local community. Are you well known throughout your area? Do you succeed despite the presence of similar businesses nearby? Do you offer something special that potential franchisees will want to take part in? If you answered “yes” to these questions, you probably have a special spot, or character, in your community that simply can’t be bought—and that’s a good thing for franchisees to know.
Systems that can be taught and passed down
For a franchise to work, there need to be systems in place that can be taught and passed along to ensure that new franchises are just as successful as your original business. Before considering franchising your business, take time to ensure that your method of doing things isn’t just smart, but repeatable, too.
A unique niche
For a modern business to expand through franchising and be successful, it will typically need to occupy a niche in the market that isn’t being served by anyone else in the same way. Everyone needs to eat, for example—but is your way of serving pasta unlike anything else customers have seen before? Do you sell items that are made with the environment in mind? These are just a few possible niches you and your business might be able to fill with your franchise.
Of course, your business doesn’t need to be revolutionary or groundbreaking—although it does help! Sometimes, the simplest ideas and ways of doing things work. It’s up to you decide whether or not your business offers something your competitors just don’t.
Potential for franchisers and franchisees alike
Finally, a business that’s worth franchising has to have a profitmaking potential—which will help both you and your franchisees enjoy a greater peace of mind while doing business. Can franchising lead to better profits in a new location, and still allow your franchisees to turn a profit after paying you royalties? If so, a franchise might just work.
Are you interested in learning more about franchising? Give us a call today! We have the experience and business insights to help you along the way.