Should I Franchise My Business?

Growth Strategies Program

Should I Franchise My Business?

Are you an entrepreneur who has gotten to proof of concept on a great idea?  Do people keep telling you that you’ve got something special and that it’s time to grow?  No doubt you are thrilled at what they are saying because their sentiments reinforce what you already believe yourself.  Not sure whether to remain an independent or pursue the franchise model?  We can help!

Creating a new concept is thrilling.  Bringing together the details is both a daunting and electrifying undertaking.  A great idea, a lot of enthusiasm and dogged determination can only take you so far.  Unless you know about the intricacies that go into forming, launching and growing a business, you could very easily make decisions that have far-reaching and long-lasting consequences.

No one sets out to lose money on a new business venture, yet all too often that is exactly what happens because people simply don’t know what they don’t know.

There are a lot of similarities between growing as an independent concept or choosing the franchise model. Both options can have HUGE rewards, yet the differences are very distinct.

At the National Franchise Institute, we know exactly what those differences are. Our licensed experts help you determine what’s best for you and the concept you have created so the learning curve is lessened and you are able to avoid time delays and costly mistakes.

Would your concept be a good franchise candidate?  If so, does the franchise model align with your vision for the brand?

Maybe remaining an independent and growing strictly as company-owned locations would be better. There is also the option of growing as a combination of both. What about licensing and other considerations? How to decide?!?

 

FACING WHAT LIES AHEAD

There are so many things to think about as your concept matures and your dream takes shape:

  • What are the pros and cons of owning the company 100% on my own?
  • What are the pros and cons of growing as a franchised concept?
  • Why should I consider a combination of both options?  Why wouldn’t I?
  • What resources will I need once I finally decide?  How will I find them?
  • How do I protect my brand?
  • How long will it take?
  • How much will it cost?  How do I find the ‘right’ money to fund it?
  • How will my life change?  How will my roles change?  What sacrifices will my family have to make?
  • How will I know if I’m really cut out to do this?
  • What if I change my mind and decide to go in a different direction later?

With so much to consider in so many different areas, it can be overwhelming just to get started!  After all, you can’t take the next step until you take your first step.

Our Growth Strategies program walks you through various scenarios and gives real-world examples to help you make the most informed decisions for you and  the  concept  you  have created.

After explaining the differences between the options, we switch gears and provide details about the similarities and the immediate next steps you need to consider (like design elements and value engineering what you already have) so your roadmap begins to take shape, regardless of which direction you choose.

This one-on-one, personalized session looks at your business and shares insight about the ‘franchise-ability’ of your concept.  Each member of our Team presents key information in specific areas to ensure that you are asking the right questions based on both your short– and long-term goals.  Nowhere else will you find a single source for getting key details about:

  • Corporate structure
  • Tax advantages/disadvantages
  • Business law, franchise law, trademark and copyright law
  • Evaluating growth strategies (local, regional, national, international)
  • Value engineering for cost-effective growth
  • Funding education & options
  • Finding and vetting franchisees
  • And so much more!

Click here to contact us about scheduling time to discuss your franchise future!