“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.” – Benjamin Franklin
Every business strives to grow to provide better products and services to their customers, and to propel their business to greater heights. Different companies and organisations try different ways to achieve this growth and realise their full business potential. And some are more successful than others.
But business experts, financial advisers and franchise consultants say there is one proven way to help your business grow, and that is through franchising.
James Corne, Founder and CEO of The Franchise Institute talked about this in his recent appearance on Ben Fewtrell’s podcast ‘Business Brain Food.’ Here are some of the key points.
There are various benefits to franchising your business. These include:
One of the greatest franchise benefits you can get is having people pay you to expand your business. The cost for setting up another branch’s including: the lease, employees, stocks and even marketing is paid by the franchisee. The franchisee even pays a fee for taking on your business system. This means the majority of the costs associated with expansion are borne by the franchisee and not the franchisor.
Another benefit of franchising is having motivated owner-operators who have a vested interest in making your business a success. This means they have a great deal to lose if the business doesn’t go well. Because of this, they will work more diligently and effectively to make it work, which is in great contrasts to staff who receive a pay cheque at the end of every week regardless of how hard they have worked.
If done correctly, franchising can become an excellent model to help grow your business. If you are a business owner and want to learn how to franchise your business but don’t know where to start there are many experts who can help guide you.
Business franchising is one of the most lucrative and successful business models in Australia. It’s an excellent and cost effective way to expand a business. If you have a good business that could be replicated in a number of locations, take the time to look into what franchising a business involves. A great first step is to undergo a Franchise Feasibility Review.
If you want to hear more of the podcast with James Corne, click here. Discover the many advantages franchising has to offer.
If you want to know more about franchising, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435