As an ambitious entrepreneur, you’re ready to take your business to the next level – you’re ready to start a franchise! You’ve already got an original idea and the capital to back it up. You also have the fearlessness every businessman needs to build an empire.
However, even the boldest entrepreneurs can be stopped in their tracks if they aren’t able to overcome the hurdles that come with building a franchise. So, before you make the jump, make sure you’ve got some solid ground established first!
First off, a franchise cannot succeed without a concept that connects with consumers. In other words, there is nothing more important to your business than that line out the door. If your corporate stores aren’t making money, then why would you expect a franchisee to be successful? It is absolutely vital that you get your core set up and secured before you start branching out.
Refine the concept of your franchise through vigorous planning. Conduct an analysis of the systems, processes, procedures, and support you currently have to see whether they are enough to support future franchisees. Write an extensive operations manual yourself if you really want to develop the right culture and communications platform for your franchise. The more you plan, the better foundation your franchise will have for solid, sustainable growth.
Bring the right franchisees on board. Do not freely award franchises to unqualified friends and family and whoever asks. Instead, select eligible candidates who are interested and willing to put in the hard work to develop a flourishing business. Your success is the success of your franchisees; therefore, pick wisely.
If you are a successful business owner who is ready to take your business to the next level, request a complimentary copy of “How to Expand and Grow Your Business Through Franchising” written by national franchise attorney, Charles N. Internicola, Esq.