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Franchising is never easy. It certainly isn’t a ‘get rich quick’ scheme. There are pitfalls to avoid and stresses to undergo that may well make you wish you’d never started.
Expect to spend between £25,000 and £50,000 (plus your lost opportunity cost) over a period of at least 18 months to turn your business into a scaleable, saleable franchise that truly reflects the know-how you’ve built up in it over the years. You’ll have to free yourself up to spend time working on franchising, whether by outsourcing some of what you do or by getting existing staff to cover for you.
Having said that, franchising your business can be a great way to grow a valuable asset you can retire on, leave to your children or sell.
Even better, done properly your franchise owners get to do the same do the same.
There are also other options which may be right for your business now, such as setting up certified practitioners, and these can be upgraded to a franchise in the future too.
If you want to find out more about how franchising works, download our What is franchising? presentation. Take our quick quiz, to find out of your business could be franchised. Contact us to get started or to find out if franchising, licensing or certified practitioners could be right for your business.