Franchises offer a unique opportunity for individuals to own their own business without having to start from scratch. Generally speaking, a franchisee pays an initial fee and then ongoing licensing and royalty fees. Mature franchise systems have a built-in customer base and operational structure that can help mitigate the risk involved with starting a brand new company.
Franchise businesses do, however, have their obstacles. For both the franchisor and the franchisee, there are numerous responsibilities. Franchisees not only must adhere to their franchise agreement with the franchisor, but they must also develop strategies for growth, training, and overseeing the day-to-day operations.
Franchisors will need to have a dedicated launch and growth plan as well as development and recruitment strategies. Depending on the industry, the company may also need to implement quality control standards to ensure that an individual franchisee does not harm the brand.
How Do I Franchise My Concept?
The first big hurdle in starting a franchise is making your concept a reality. Franchising your concept begins with determining whether your idea is ripe for franchising and then conducting a franchise-ability review.
To launch a franchise, you will need to perform concept feasibility studies, adhere to state and federal laws, and establish a detailed launch growth plan. While setting up a franchise can be challenging at first, it can accelerate your business’s profitability exponentially in a short period of time.
What Makes a Business Franchisable?
Franchisable businesses have a unique, but reproducible product or service. Customers will expect the same level of quality at every franchise location. Therefore, you must be able to replicate your product or service with the same standards and level of quality at each franchise location.
Businesses that make good franchise opportunities also have comprehensive infrastructure systems, as well as launch and growth strategies. Franchisors will need to provide training and support for individual franchise owners.
How Can Franchise Teacher Help?
Franchise Teacher is run by a team with over 30 years of experience helping clients launch start-up franchise systems and grow existing businesses. We offer individualized solutions tailored to meet your company’s needs and goals. Our services include conducting concept feasibility studies and a franchise-ability review.
We will also review and evaluate existing systems. We provide recommendations for launch and growth strategies, budgeting, and franchise development and recruitment. Our team is not only available for one-on-one and group coaching, but can also conduct customized training, lead generation and tracking programs, and profit/loss analyses.
