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Businesswomen looking to grow their businesses, increase profits and build their own empire should consider turning their existing business into a franchise.
Franchising gives you the opportunity to expand into new regions or countries to increase your customer base and brand awareness. Once an effective franchise system has been established for your business it can be rolled out to other franchisees leading to rapid growth.
However, before franchising your business there are many things to consider such as how the franchise system works, can the business model be replicated and do you have enough capital to start the process.
Here are a few questions to ask to help you decide whether your business is ready to franchise.
What professional advice do you need?
When franchising a business there are many financial and legal requirements you need to consider. Consult with professionals in the legal, financial and franchising sectors about what you need to know before you start.
It’s also a good idea to speak to a franchising expert to gain a personal insight into what a franchise business involves. You should also read the Franchising Code of Conduct to know your rights and obligations towards potential franchisees.
A professional will be able to give you expert advice on whether franchising your business can be achieved. It’s also a great opportunity to ask them questions to help you understand what is needed to successfully turn your business into a franchise.
A franchise will usually take up to three years before it begins making a steady profit. Make sure you have enough available capital to support the business through these initial stages.
Can your business adapt?
One of the first questions to ask is ‘can my business adapt and change to fit in with the culture of its environment – anywhere around the world?’ If the answer is yes then you may have the potential to turn your business into a franchise.
A franchise should be flexible and adaptable to all environments whether it is local, national or international. If your products or services are only relevant to one specific area then a franchise will not be successful. You may need to consider diversifying your offering before turning your business into a franchise.
Will it appeal to franchisees?
A business that is looking to franchise should have some sort of appeal to potential franchisees. You don’t have to have a completely one of a kind brand but it should have an innovative twist or concept behind it that will catch people’s eyes and make them want to own your franchise.
Can you provide the same quality product or service?
If your business is to succeed as a franchise the next step is to decide whether your product or service can be replicated all over the world and still provide the same high quality product and service. This means you will need a strategy to ensure all franchisees can produce the same product.
One of the most appealing features of a franchise to a consumer is no matter where they go they can still receive the same product or service.
How will you train franchisees?
When you have decided to franchise your business you need to think about how to train your franchisees. This may involve transferring all your knowledge and skills into a training manual or workshop. You also need to consider whether you are looking for franchisees with prior qualifications or whether all the training will be on the job.
How will you market the franchise?
Marketing your franchise is important to attract new customers, potential franchisees and increase your success. You need to think about the best way to promote the franchise and create a marketing strategy. It’s a good idea to market your franchise online as it provides access to a larger target market.
Businesswomen can benefit from turning their business into a franchise as it provides them with the opportunity to build their empire, brand and sales.
Before turning your business into a franchise find out as much information as possible to help you make the right decisions. Start by talking to a professional in the franchising industry today.
Written By Raffael Fernandes, Sales Manager, Franchise Business.com.au
About FranchiseBusiness.com.au
FranchiseBusiness.com.au is the official online business directory of the Franchise Council of Australia, listing franchises and service providers. Owned and operated by Catch, an online division of Cirrus Media, FranchiseBusiness.com.au provides a comprehensive central online source of franchise opportunities and industry updates and news.