4 Signs You Should Franchise Your Business

Are you a business owner with a popular product or service? Instead of waiting for competitors to copy you, duplicate your own operation with a franchise. Here are some signs that it’s time to franchise your business.

• Your business is taking off faster than you planned.
• You want to expand but don’t have the funds.
• You could use support strengthening your team.
• There aren’t enough minutes in the day to get it all done.

Money is usually the most common reason business owners choose to franchise. Funding an expansion on your own can be daunting. Finding an investor also isn’t easy. Franchising limits the risk of debt since the franchisee of the new unit provides some of the initial investment. It’s having a business partner who commits to service contracts and takes on the responsibility of growing the business in their location.

When it comes to finding and retaining employees, business owners can spend a lot of precious time training new management, only for them to leave the company. However, franchisees invest in the company and have a stake in the profits, giving them more incentive to stay and improve performance. Now you have more time to spend focusing on strategy.

Speaking of time, opening a new business takes up a lot of it. Between the financing, location, equipment, and staff—times the number of units you want open—suddenly one store doesn’t look so bad. But since the franchisee is the one who focuses on these tasks for each location—under your guidance—franchising is often the fastest way to grow.

Replicating your business is different from running a business. Once you become a franchise, your job shifts to selling, servicing, and ensuring the success of all your locations. With a structured plan and the right team in place, you can turn your business into a successful franchise brand.