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Interview Patty

Is My Business Ready to Franchise?

Six Basics that can Help you Decide

1. Is it working? - In order to franchise a business, the business model must first be proven. There’s no law, of course, requiring that a franchisor demonstrate competence,

but there’s a certain number of practical considerations. In order to establish credibility to sell franchises, you’ll need to show you’ve got a successful operating prototype.

2. Can you sell it? - In order to be franchisable, the business model also needs to be attractive to potential franchisees. While it is difficult to quantify “salability,” factors such as credibility, uniqueness, and brand “sizzle” all contribute.

3. Can you clone it? - The key to success in franchising is making sure that your franchisees are easy to replicate. If the concept only works because of a unique location, a superstar salesperson, or because an owner is working 80-hour weeks, it is going to be difficult to repeat the magic. Ideally, a franchise concept should be relatively simple to operate and should be able to work in a variety of markets.

4. Can you provide the franchisee with an adequate return? - A franchisee who is an owner-operator will expect to get a return, both for the time that they spend in the business as well as their investment in the franchise.

5. Are you committed to providing value? - The franchise business is largely about maintaining relationships. The most successful franchisors are typically those that are the most committed to making sure that their franchisees are successful.

6. Do you have the capital? - While franchising is a low-cost means of expansion, it is not a “no cost” strategy. A new franchisor will need capital to develop legal documents, manuals, training programs and marketing materials, not to mention a marketing budget for franchise lead generation.

Read the full article at: entrepreneur

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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