10 Sep Four key elements for franchising your business
Are you thinking about franchising but don’t know where to start?
Here at The Franchise Institute we can guide you on how to start a franchise whether your business has beenin operation for years or the business is still a concept you’ve yet to realise.
Both scenarios are viable starting points in starting a franchise and they can both become successful if they have the right elements in place, or at least in mind.
To give you an idea, here’s a 4 of the key elements a business should have in place if it is to successfully franchise.
1. Niche products or services
The world is already crowded with one-stop shops and all-in-one stores. To make your business stand out, it needs to cater to a particular group of people that shares a specific interest. A bar that offers craft beer, a burger joint that serves vegan burgers, and a retail store that sells upcycled bags – these are some examples of niche businesses that can become great franchises.
2. Widespread demand
James Corne, Founder and CEO of The Franchise Institute, explains that if you don’t have enough customers, your franchisees are going to have the same issue. Before starting a franchise it’s important to ask yourself ‘Are there enough customers out there?’ “Is there enough demand for my products and services?” You should only proceed if the answer is ‘Yes.’
3. Simple and effective system
In the podcast, James Corne also shared that it’s important for businesses to have simple and effective systems to implement. In having this, it’s more likely for the franchise to make the most of the franchise opportunity and achieve success. The simpler the system, the better it will be to franchise the business and the more effective it is for the franchisees to operate it and become successful.
4. Vision and plan
For a franchised business to succeed in the long term the franchisor needs to have a vision and a plan to achieve that vision. The plan should include: strategies to grow the business, strategies to develop new product offerings, and plans for innovation to keep up with an ever changing marketplace.
With these four elements, it will be easier to set up a franchise. These 4 elements should be first on your agenda when thinking about expanding your business or setting into action a business concept you have in mind.
The Franchise Institute has been helping owners successfully franchise their small to medium sized business. When you find yourself asking ‘How can I franchise my business?’ call us and let our team of franchise experts help you.