Franchising your business is a long walk. Get the best guidance you can find.
Would franchising be a good option to increase profits for a three-year-old privately owned restaurant with slow, but steady growth?
Knowing WHEN to franchise your business
We may not be crystal clear on the meaning of the second part of your question, but here’s our take. The length of time that a business has been in operation is not as important as proof that the business is being run with well-defined systems. A sound, proven system that can be taught to others is a critical element. Obviously, the business upon which the operating system is based must also be profitable to the extent that the owners can make a living and pay debt as well as additional franchise fees.
If you’re profitable and have systems, you might be a franchise candidate. But, there are numerous other factors to consider. A quality feasibility study, sound strategic planning, and the establishment of sound franchise relationships at the outset are all key components to getting your franchise concept off on a good footing.
Be sure to read our more detailed take on franchising a business. There you’ll find more in-depth information and insights on the subject.