Franchising Your Business
Franchising is an effective way of developing a business that offers a simple way of expanding, while maximising resources and controlling costs.
It is a proven and profitable method of marketing goods and services via a business formula licensed for others to replicate. The franchisor grants to a franchisee the right to use the brand, systems, knowledge and marketing power to set up a new location for the business.
There are many reasons to franchise a business, which include:
- Faster national expansion
- Better motivated operators
- Advantage gained over the competition
- Knowledge from individual franchisees
- Increased group purchasing strength
- Lower expansion costs
- Simpler management
- Improved profitability
A franchise concept includes training, motivation, systems, management, advertising, marketing, buying, design, branding and much more – in fact, a turnkey package.
Many well-known brands have implemented the concept of franchising to successfully grow their business across the UK and worldwide. Examples include McDonald’s, SUBWAY, Jani-King, Domino’s, as well as British brands, such as ChipsAway, Signs Express, CeX, Rush Hair, TaxAssist Accountants and many more!
In order to grow your business through franchising and follow the success of these brands, your business must meet the following criteria:
- Strong corporate identity
- Genuine growth potential
- A proven business model
- The ability to be taught to others
- Good profit margins
Successful franchising combines many key complexities and is not a do-it-yourself opportunity. Should your business meet these criteria, engaging with a company of professional franchise consultants is beneficial as you can gain from their experience, knowledge and understanding of the market. The concept is simple but is easy to get wrong.
Many companies that try to franchise their businesses without professional advice and guidance will more than likely fail within three years. When considering franchising your business, ensure you consult with the franchise experts.
Considering Franchising? Contact Ashtons Franchise Consulting today!