According to research from 2019, both the one-year and two-year survival rates from franchises are higher than for independent businesses, by about 6.3% and 8% respectively.
Grow Your Franchise: Top 5 Tips When You Franchise Your Business
Franchising is something that many business owners will consider, but there are ways to increase your chances of success. Here, we’ve gathered our top five tips for when you franchise your business. Keep reading to find out what they are.
1. Build Your Brand
Are you wondering how to franchise your own business? A key aspect of this is building your brand.
Your brand represents not only you and your attitude toward customers, but your beliefs, culture, and ethics too. By franchising, you’re giving other individuals the chance to represent your brand too.
For this reason, you need your brand to be watertight and to send out clear guidelines as to what you expect.
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2. Support Franchisees
Your franchisees will need some support, particularly in the early days, so it’s important to be there to offer help and guidance when needed, as franchise development won’t always be easy for you or them!
Face-to-face time with them is important, as well as being available for calls. If you find an article or book that you think they might find useful, let them know, and be sure to offer plenty of encouragement too.
3. Have a Clear Plan
No matter which side of the franchise vs your own business debate you’re in, having a clear plan is crucial; you’re running a business, after all.
You’ll need to provide franchisees with all they need to get started, and operations manual with key policies for them to reference.
It’s important that you have an idea of how you’d like to grow too. Where would you like the business to be in one, two, five, or even ten years’ time?
Digital marketing should play a significant role in your strategic plan. Begin expanding your business’s online presence in order to reach more customers. Marketing automation can help you work more efficiently and save lots of resources. You can manage local advertising and more for each franchise using professional franchise marketing software.
The better your business model and plan are, the more you’ll increase your chances of success.
4. Choose the Right People
When you decide to franchise your own business, it pays to really scrutinize potential franchisees rather than just going for the first people with the money.
You need to remember that your franchisees will be representing you, your business, and your brand.
Sure, they might have money, but do they have prior experience in business? Are they people that you feel you could work well with?
Ask yourself these questions and more, or you could find yourself stuck with less-than-ideal franchisees.
5. Find a Mentor
If you’re wondering how to franchise your business, finding a mentor can be a great help. As much as you’ll be offering advice to your franchisees, you won’t be expected to be an expert on everything straight away either.
Be open to help and you should benefit in the long run by saving plenty of money and time. There’s nothing wrong with asking for help!
How To Franchise Your Business
When you franchise your business, there’s a lot to consider. However, by following our five tips above you should find that the process feels a little easier.
Your experience won’t always be perfect, but you’ll be giving yourself the best chance of success when you know just what you’re getting into.
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