Many successful business owners eventually face the decision of expanding their business either by franchising or by opening additional store locations. If when faced with this decision the business owner decides that the option to franchise the business is best there are some key elements that can be followed to help the chance of starting a successful franchise.
A recent article by The Franchise Hound‚ “4 Elements of a Successful Franchise”‚ lists key elements that business owners considering franchising a business should consider:
- The Idea – Make sure the idea is unique‚ creative and something that people will need and want;
- The System – The system must be easily replicated and easily taught;
- Advertisement and Marketing – This offers brand recognition and will allow customers nationwide or internationally to all be aware of the same products or services that your franchise offers; and
- Ongoing Communication‚ System and Support – Keeping an open line of communication open and available to your franchisees is important during all phases of their process of purchasing and owning a franchise location. Without proper communication‚ systems and support a franchisee can feel lost‚ alone and can experience failure which ultimately can affect the franchisor.
The systems that get put into place during the franchising process are highly critical and can make or break whether a franchise becomes a success or not.
LEARN MORE ABOUT HOW TO SUCCESSFULLY FRANCHISE A BUSINESS:
1. ORDER a complimentary copy of "The Franchise Formula: A Guide for Franchising Your Business in the New Economy"
2. CONTACT Franchise Lawyer Charles Internicola by phone at 1-800-976-4904 or by email;