The thought of setting up your initial business scares a lot of people off even taking that first step but if you choose a franchise business then this step is relatively straight forward as the process is already in place. When you are looking for franchises, then you must first look at the overall picture or that franchise for sale. Where do you see it being in 1 year or 5 years time, most franchises do not set out what exactly they want to achieve. By making a clear plan of where you want the business to go will help in the success of the business as you tick off objectives along the way. A long term plan might not be the best solution for your franchise but having a focused 1 year plan might be. It depends on the nature of the franchises, if you are a fast-food franchise then customers can be focused upon immediately and a long term plan can be put into operation but if the franchise type is a home based franchise then a strong marketing campaign at the start will help get the business recognised and drive in clients.
You must set goals for the franchises, this is important because it will give the franchisor a final target to reach by accomplishing these goals along the way. If you end target is to have 10 clients in the first 6 months, then you must set goals to accomplish this. One may be a website, one may be a advertisement in a local newspaper, then the next might be reaching 5 clients. All of these smaller goals build up to get to your final target and your success.
The speed of growth in the franchise is up to you and what target you have set. To speed up the growth of franchises there are a couple of options. The franchisors can set up additional franchises in a variety of locations across the county or country at the same time. The franchisor will then be getting royalties from these other locations so it will benefit there income. What is known as conversion franchises are setup using this method, these are already established businesses in the chosen area and they take on the franchise name and take on new clients and new revenue. A development franchise needs to be set u from scratch but can benefit from higher revenue, you will advertise a franchise for sale in the area and hopefully get a franchisor to buy it. This involves a greater risk but the rewards are also greater. Maybe you are offering a home based franchise, this will cut down on operation costs and the franchisor will have the minimal costs when setting up.
All of these options must be weighed up and work out which is the best option for you and your financial structure. How mush money you are willing to invest and what timeframe you have put on yourself to get these targets met.
Growing your franchise does come with risks and benefits and it will be a challenge. Make sure that you make a plan of action and a goal-orientated strategy to make your franchise successful.