Franchising Your Own Business

Before you set out to incur major expenses and make a serious commitment to franchising your business, you should clarify the answer to the following questions. While this is not a comprehensive or exhaustive list, it contains the major recurring issues to be addressed, by Samuil “Elik” Buschkin

  • What are the growth prospects for my industry?
  • Will the concept represent a worthwhile return on investment for the franchisee?
  • What tangible evidence for the value and viability of my model do I have?
  • How replicable is my business model?
  • Who is the competition in this market?
  • What makes them stand out and be competitive?
  • What is the level of direct competition?
  • What are the unique competitive advantages that my model has?
  • How easily teachable is my process and methodology?
  • Do I have the proper franchise resources, i.e. finances and people, to franchise my business?
  • Are there licensing hurdles (in some states) for my business model?
  • Is there anything that will make finding the right locations difficult for my franchisees?
  • Do I know what type of unit / territory I will need to provide to my franchisees to make it viable?
  • Is my supply chain flexible or am I vulnerable because my franchisees will be tied to certain suppliers / vendors?
Posted in Franchise Basics, Franchise News.