How does offering a franchise from your business help you? Do you want to expand the business into new markets or even target overseas? Franchising can give you an excellent competitive edge and allow you to take over your market.
What will you need to provide? What is your end of the bargain? Well, you will bring the knowledge of how to open and run the business, you then need to provide a training scheme to give the owners and employees the knowledge they will need, and finally, you will provide ongoing support to the franchisee. This will help you all keep the brand strong and allow you to adapt business strategies if you change how things are done along the way. These factors will allow you to grow your business for little risk and to promote your brand and business effectively.
The benefits to franchising your business are that you can remove occupancy costs, payrolls, and day to day operating costs. These are now left to the franchise owner who has to manage and deal with them effectively.
Turning your business into a franchise isn’t simple but if done right, you will be able to operate alongside company financed and run operations. So how do you make your money once you have turned your business into a franchise?
This comes from the initial franchisee fees that you will be paid for your franchise; this gives the investor the rights to a location, use of your name, operating systems, training, and support. Other sources of income will come from ongoing management services fees, ongoing marketing fees, and mark upon sales of products if appropriate.
So what are you waiting for? Why not looking into turning your business into a franchise and dominate the competition.