To find out, read and answer each of the following questions in turn.
|1. Do you own your own business, or own the business in conjunction with a small number of other individuals?||Yes/No|
|2. Have you been running the business for at least three years?||Yes/No|
|3. Have you developed your own products or services so that you provide them in your own particular way?||Yes/No|
|4. Is the business running well and making a reasonable profit? (Low margin businesses are harder to franchise because margin is shared between franchisor and franchisee).||Yes/No|
|5. Does the delivery of your products or services currently rely upon know- how that you have in your head or have documented, or that is held in the heads of a small number of people who work with you?||Yes/No|
|6. Are you currently limited by the distance you can travel to provide your products and services, or the distance your clients can travel to you?||Yes/No|
|7. Is there evidence to suggest that there would be demand for your products and services if you had “branches” or “outlets” elsewhere?||Yes/No|
|8. Is there a part of your business that could be replicated and work by itself? (For example, could the sales or service elements be separated out?)||Yes/No|
|9. Are you independent of any distribution or supply agreements that would prevent you from subcontracting out or licensing what you do?||Yes/No|
|10. Are you keen to grow your business but reluctant to make a heavy financial investment by yourself?||Yes/No|
Evaluating your results
The more times you circled “Yes” the more likely it is that your business is suitable for franchising. If you recorded “Yes” seven times or more it may be worth doing a more detailed evaluation. Whatever your score we are very happy to discuss your options with you.
If you recorded “Yes” three times or less you probably have considerable work to do to make your business franchisable.
Even if you decide you don’t want to franchise your business you have some other interesting options. You might be interested to discover that if you apply franchising techniques to your business you could benefit in lots of other ways. For example, you can significantly increase productivity, spend less time managing day to day details, and improve the saleability of your existing business by making it less dependent on you and your availability. We can help you apply theses methods.