Expand your business – replicate your winning formula
If you have built up a successful business around your own winning formula for delivering a local service, then it could be a prime candidate for franchising. Take our quick quiz, to find out.
Scale up by accurately replicating success – franchising requires you to fully understand and make explicit what it is that makes your current business successful in order that someone else will be willing to pay you for the privilege of doing so. That process in itself makes it more likely that each new branch will succeed and that the business as a whole will retain the original heart and soul that made it special to its customers in the first place.
Get rich slow – once you have perfected the package and the process of opening up new branches successfully, you can safely ramp up the speed at which you grow your network to expand your business. Once you have a viable and sustainable network in place, you can use it as a channel for new products and services. Franchising is a slow burn to begin with, but can lead to much greater gains in the long term.
Share the investment costs – franchisees contribute towards the physical costs of setting them up in a copy of your business, so it costs you less to get a new branch or outlet running. This makes franchising a less capital intensive way to expand your business.