Business Expansion Via Franchising: A 3-Step Guide
In 2017, there were 745,290 franchised businesses in the United States and in 2018, the number ballooned to 759,236. These figures reveal that despite the popularity of startups, purchasing an existing business franchise is still favored by would-be entrepreneurs. This is easy to understand, as many business-related hazards—from product to market risks—are associated with building one from scratch.
If you are an entrepreneur looking to expand your existing business through franchising, look no further. Here’s a three-step guide to help you with the transition:
Evaluate your business
Readiness is a key factor. You do not want to get into franchising while your business is still in its infancy. However, once you have established your market share and your financial are in order, you’re good to go.
Work with a franchise consultant
You know business. You’ve built one from scratch, after all. What you do need to understand, however, is that this does not automatically equate to knowing all the technicalities involved in business franchising. Franchising consultants, on the other hand, are experts in this field. They are likely to have answers to your questions. They may also provide tips on how to franchise as well as insights on franchise development and international franchise expansion.
Network and market
Once you have successfully planned a franchising model with your consultant, it’s time you get the word out there. This is where networking and marketing come in. Reach out to your network of entrepreneurs, as they could help you out with lead generation. Also, design an aggressive but cost-efficient marketing campaign to reach as many potential investors as you can.
If you have an excellent business that you are ready to share with the world, expansion through franchising is something you must seriously consider. There’s never a shortage of aspiring entrepreneurs looking for worthy businesses to invest in and this is an opportunity you must exhaust. Once you’re ready to get into it, follow the steps above and soon enough you’ll reap your rewards.