One day somebody approaches you in your store asking if he can get a franchise of your business. Then more people – some your relatives, even – are coming up to you asking if they can be your company’s franchisees too.
[related|post]This gets you thinking, “What exactly does it mean to franchise my business? How do I go about it?” At this point, you may already know about franchising, or heard about other companies going this route.
You may probably be aware of those whose businesses grew by leaps and bounds after accepting franchisees into their fold, or the problems some companies encountered when they opened their businesses to franchising.
ASSESS YOUR SITUATION
Now you ask yourself, “Will franchising be good for my business?” “How do I know if my business can be franchised?” If it is, “How and where do I start?” These are some questions that would certainly cross the minds of many entrepreneurs, because the reality is that it is every business owner’s dream to grow and expand his business.
If you believe your business can be franchised, you should ask yourself these questions:
1. Is it in you? Not all entrepreneurs are cut out for franchising because not everybody can foster a highly personal relationship with a virtual stranger, which is the usual situation at the start of a franchise relationship. More than a contractual relationship, the ties that bind a franchiser with a franchisee are highly personal.