Franchising a business is a long walk. Choose carefully.
Question: When Should We Consider Franchising?
The length of time that a business has been in operation is not as important as proof that the business is being run with well-defined systems. And of course, the venture has to be profitable. That might sound odd, but remember that some well run businesses are more for fun than profit. An example would be a small hobby shop that would not leave enough income to pay for franchise royalties, advertising, support, etc.
If you’re profitable and have systems, you might be a franchise candidate. But, there are other factors to consider. A quality feasibility study, sound strategic planning, and the ability to establish good interpersonal relationships are a must.
Read our more detailed take on franchising a business. There you’ll find more in-depth information and insights on the subject.