Having a successful business is the dream of many Americans. If your business has been very successful for a long time, you may start to wonder if you should franchise it. Franchising your business model can be an exciting and scary venture to take upon yourself. If you are thinking about doing it, consult with a reputable franchise attorney beforehand, such as with Suzanne Cummings found at www.cummingsfranchiselaw.com. Below are some things to take into consideration before franchising a business.
Is Your Business Model Unique and Replicable?
In order for a business to have a good chance of being successful as a franchise, it needs to be unique and easy to replicate. Good business models are ones that have had years of continuous revenue and a clear and concise business concept. What this entails is that your business model is structured and has a system in place that will be able to support multiple locations.
Do You have a Distinctive Brand?
To be able to set your business apart from any competitors, it is essential that you can develop a good awareness about the brand of your business. For a franchise to be really successful, it needs to be created from a brand that is already well-known in the marketplace. This way, even if your business model is one that creates similar types of products like your competitors, they will recognize your products based on your brand and image.
Necessary Attributes and Skills?
When you plan to franchise your small business, it is going to expand into a bigger team and more responsibilities. While you have proven capable of running your current business model successfully, are you fully prepared to take on the role of running a group of franchises?
Having a franchise created by your business model can be the way to build on your current successes. However, doing so comes with lots of demands. You need to have good communication skills and a strong work ethic. It is advised to take legal advise to heart before going through with franchising your business model.