After finding business success, many entrepreneurs view franchising their business as the next logical step in business ownership. There are many benefits to growing your business, including access to capital, expanding their market reach, or the most common reason: they believe they have something extraordinary to share with the world.
Whatever your reason, before you start dreaming of the perfect location, we recommend looking at our list of ways to grow your business.
Are You Ready to Franchise Your Business?
This is a crucial question to ask yourself before hopping on the path to franchising your business. It is important to take a step back and evaluate things like if you are ready to franchise your business, do you have what it takes to franchise your business, and if your business could genuinely find success as a franchise. Just because you think it’s a great idea doesn’t necessarily mean it will translate well; some business concepts only work because they are a single location. Asking yourself the hard questions can give integral insight into your future as a business owner.
Let Things Happen Naturally
One of the worst things you can do when trying to grow your business enough to franchise it is to rush your growth. Sure, the idea of having multiple franchise locations in your city — better yet nationwide— is an awesome goal to strive for, but to achieve this success, don’t force it; let your growth happen naturally. If you try to grow your business too quickly or franchise it when it’s not ready, you run the risk of damaging your current and future franchises, or worse, your reputation.
Relationships are essential in the franchise industry, especially for businesses that have been newly franchised. Fostering relationships enables you to build your network and helps you to learn how to grow your business. Other business owners can share their experiences and offer advice on how to get your business up and running as a franchisor. And who knows, you may even find inspiration in their business practices that you can tweak and use for your own.
Perfect Your Business Model
Practice makes perfect, even in the franchise industry. Before you start to grow your business outside of your market, you have to make sure your current concept and business model are transferrable. Will it be the same experience across all locations? Is there a market for your franchise?
There is a lot of trial and error that goes into developing the perfect model. The most successful business models are ones that are strong, successful, and easy to follow, and that can only be discovered by continually tweaking your process.
Offer Franchisees Something Unique
According to industry data, there are 773,630 active franchises in the U.S., which means you face a lot of competition when trying to attract new franchisees. A way to grow your business is to ensure that you’re offering your potential franchisees something that they wouldn’t be able to get from another franchise or by opening their own business.
That “it” thing should convince them that they’ll find success with you. A few examples include financial assistance or mentoring, access to state-of-the-art equipment, or a signing bonus if they agree to multi-unit franchising.
Hundred Acre Consulting
Franchising your business can be a challenging yet exciting venture. And naturally, you may have a lot of questions throughout your journey. If you need a friend in the franchising industry, lean on Hundred Acre Consulting. Our team offers many services, including helping franchisees find the perfect franchise opportunity and consulting business owners looking to grow their franchise.
Are you ready to get started? Contact our team, and let’s chat.