Can you franchise your business? Is franchising the right route to take for your business? As rents and rates rise in the main shopping areas & supermarkets take a greater share of consumer spending what are the advantages and disadvantages of franchising your business.
If a business has managed to find a niche and can maintain a high profit margin through the ups and downs in the business cycle, then it might be possible to franchise your business. Is the business model easily explained? Can somebody who has no experience in this business be taught the specialised knowledge required to manage and make a profit in their town or city?
If the answer is yes, then franchising could be very lucrative. Once the decision has been made to franchise the business, then it is imperative that the right person is found for your opportunity. A big mistake that a lot of franchisors make is to take the first person who comes to them with some money. Finding the right franchisee can be time consuming and very expensive.
Once the right franchisees have been acquired, then you can expand your model relatively quickly. Once you achieve critical mass, then recruiting new...
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