It would be fair to say that most businesses could be franchised. If your business is proven, profitable and portable (can be taught and replicated nationally) then you have ticked the first box. However, franchising is not for everyone and not all businesses can be franchised successfully. Step one is to make sure franchising is right for you and your business. It is a growth strategy, not a get rich quick scheme. However done properly it can provide an excellent platform to grow your business nationally and internationally.
There are a number of benefits to franchising your business. Although not exhaustive the following will give you some idea as to the benefits available;
Growth quicker & cheaper than “organic growth” – When you franchise you grow your business using the capital and resources of the franchisees. This enables you to grow without the capital burden required to purchase multiple units and employ staff.
Motivated people – There is nothing more motivating than knowing if you don’t make a success of your business you won’t earn any money. Your franchisees are more likely to go that extra mile, open that little bit longer and try that little bit harder that employed staff.
Brand development & consistency – Having a network of franchisees will develop brand recognition throughout the UK or even internationally. Having a robust Franchise Agreement and business model (known as your blueprint) will ensure you have brand consistency throughout your network.
Less hassle – You are responsible for supporting and mentoring your franchisees. However they are responsible for their staff which means that all the day to day challenges that come with having staff are down to the franchisees to deal with and not you.
Increased buying power – the bigger you network becomes the greater your need for product (assuming your business purchases from manufactures) this will give you more buying power and drive down the cost of your products or increase your profit margin.