Expanding overseas, via franchising or otherwise, is probably one of the biggest dreams an entrepreneur can have.
Thus, the first opportunity to have an international franchise of a brand has always been tempting but franchising expert Albert Kong said there are a number of factors to consider in going overseas. [See the ins and outs of territorial franchising here]
"It is very important for a business owner to know first if he is ready for franchising abroad as it will entail a lot of investments. [Read about creative solutions on possible challenges in franchising here]
While there are more than a hundred factors to consider in deciding whether to franchise your brand abroad or not, here are three basic questions which Kong believes a business owner must ask before considering opening the business to international franchising:
1. Am I strong in my own country? Is my brand, or the products that I am selling considered an industry leader? [See tips on strengthening your brand here]
2. Do I have the capital to expand overseas, both for logistics and marketing strategies? [Read about businesses that started with little capital here]
3. Are my potential partners or franchisees abroad also have good track records in franchising foreign brands? [Read about the possible conflicts that a franchisee and franchisor may encounter here]