Many businesses hit a point in their business growth where they come to a cross roads in the company's development path. When building a business, there is very little time to consider strategy and company direction. There is one element of business that always holds true, you can neverafod to just sit still and do nothing. It is this authors oppinion that if you aren't growing, your business is dying...morbid, I know, but sometimes the truth isnt pretty. As a small business owner, you must take time to consider strategy. It was Richard Nixon's policy that he would take one hour without interuption each day and just think about strategy and policy. You, as the leader and head of the company do not want to find yourself like the emperor with no clothes who hasn't done his due diligence to determine the best growth strategy for the business.
Franchising is a tool for business growth. When a business hits these moments and must commit to a direction, it is then that the business owner should understand the different options, tools and consequences from choosing a particular business growth strategy. Franchising does bring a lot to a business. The opportunity to grow quickly into new markets and create enormous market penetration in a short time period. Franchising your business allows you to bring on investors in to the company without giving up control of the organization's direction or company decision making ability. Franchising allows a business to build a brand quickly and effectively. The reasons you should consider how to franchise your business are clear, this year the franchise industry will produce over one trillion dollars in total revenue.
There are also many things that franchising is NOT. When considering whether to franchise your business, it is important to remember that franchising does not fix a business in a bad situation. If there are problems in your business, Franchising will only duplicate them. The business should be profitable, have a certain track record in place and a solid operational structure in place.
When considering whether to franchise your business, talk with other franchishors and people who have spent time in the franchise industry.
For information on how to franchise your business, contact one of our franchise consultants at (800) 610-0292.
FMS is a team of expert franchise consulting professionals based in Canada that provides solutions for franchise development, franchise consultation, and expansion of businesses globally.