We all know the big name franchises by sight. It’s hard to turn around these days without spotting a set of “golden arches” on the horizon. When we see the scope of these colossal powerhouse of marketing and franchising it easy to forget that McDonald’s and other similar entities started out at some point as a single independent location, with a single owner who had a vision and a plan. It definitely goes to show what a determined and far-sighted individual can accomplish, but does having a successful independent business necessarily translate into becoming a successful franchise?
A New Game
Even if you are a successful business owner, it takes more than just a solid business plan to successfully franchise your business. Ultimately, franchising your business is a totally separate business unto itself. Certainly, some of the good business sense that made you a booming success in your private business will help you in your franchising endeavor, but essentially you are stepping into an entirely new ball game with new rules and new obstacles.
Getting Help
It is important to view the decision to franchise your business with the same degree of research and thought that you put into your original business. It is an exceptionally wise move to utilize the services of a franchising consultant. When approaching a new arena of business, having the aid of someone who has been in the business of franchising and knows the ropes can be a tremendous asset.
Just like your original business, your franchising endeavor is a substantial investment. Protect your investment from the start by getting smart advice and the backing of knowledgeable professionals. The money you spend now is the money (and trouble) you save later.
Selecting a Franchise Advisor
Just as with any business, when it comes to franchising advisory services, not all are created equal. Your franchising advisor should be as respectable and professional as your lawyer is. Don’t trust a hard or gimmicky sell. Just as with lawyers, the tried and true advisors who know the business of franchising and have been around, successfully, for years stand on their own merit. If you have a good network of peers that you respect and trust, ask for a referral to a franchising advisor that has a proven track record and has assisted businesses that you know personally have been successful in their franchising endeavors.
Peer Mentoring
If at all possible, seek out a mentor in your network of business associates as well the franchising advisor you have selected. It never hurts to have a second or third opinion from someone you trust who has been successful with franchising. When you have the support of a peer mentor then you have the added relief of knowing that the advise you get is genuine and sincere and not aimed getting a consulting fee.
Research
Above all, do your own research. Arm yourself with knowledge the same way you did when you first decided to go into business for yourself and give your venture the same dedication. The better you understand the intricacies inherent in franchising, the better your chances of success.