Should You Franchise Your Business?
In the last decade, franchising has expanded to include an ever-widening variety of businesses, products, and industries. Its application to new concepts and emerging industries will only increase in the future.
The sale of franchises is relatively unaffected by the economy. In fact, arguments can be made that franchising does quite well in a weaker economy, since the potential buyer is possibly stagnating at their present position, is eager to control their own destiny, and has assets available (such as equity in a home or a severance package) which can be used to buy a franchise. This increasing desire of people to own a small business gives you the opportunity to grow by franchising your business.
A simple test of “Can I franchise my business?” is whether you could open company owned branch locations [if you so desired] managed by a company manager. In most cases, “franchising a business” is a very similar process, except that instead of a company manager, you’d have a “dedicated” manager.
Ask yourself. “Would it be desirable to have dedicated invested owners operate branch locations under my controls and standards, freeing up my time from day-to-day branch level operating headaches, and giving me time to grow the business?”
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