Can You Franchise Your Business?
Whether or not to franchise is not an easy decision. You will need to consider the business issues and weigh the pros and cons from an informed perspective.
Network Franchising International can help you with this process.
How does franchising work?
The key is in the creation of systems which can be duplicated through training and support.
Reasons NOT to Franchise:
• Difficult to monitor from long distances.
• Requires large numbers of employees.
• Complex operations.
• Low profit margins.
Franchising doesn't guarantee your success, it can be costly and extremely time consuming.
Franchising the right way will help you to avoid a number of costly mistakes.
How to tell if your small business (or large business) is a prime franchise candidate.
If you feel you are ready to franchise, there is no better solution than Network Franchising International
• We have packages to suit all needs and are much less costly
• We save you time and create guidance
• You receive no obligation advice and consultation from the most successful franchising team in Canada.
Fill out the quiz and let our team assess your businesses franchisability.
What to consider before franchising development begins:
Taking into account the various factors that contribute to the success of a franchise program, we have identified eight keys to franchisability, from which you can measure your specific business:
The 8 Factors:
1) Size and longevity - Has your business been in operation long enough to project its future success? Is it large enough to provide a level of earnings that would make it an attractive investment?
2) Profitability - Is it making money? Consistently? Predictably?
3) Is it Teachable - Can other people be taught to run your business in the same way that you do, in the way that has made it successful?
4) Systematization - Can all of the daily operations of your business be analyzed and fully described in an operations manual that another individual could follow to produce the same results you achieve?
Can every task be duplicated?
5) Marketability - Do consumers desire what you have?
6) Transferability - Can your business work just as well in another part of the country or in a different market?
7) Originality - Do you have a point of difference from your competitors? Will something distinctive about your business result in consumers buying your product or service?
8) Affordability – A franchise must provide a reasonable competitive managers salary and have a return on the initial investment and franchise fee.