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How Do I Franchise My Existing Business
By admin | November 25, 2009
Many small business owners who are successful think of franchising their businesses. Why you ask? Well somewhere along the way their customers start telling them what a great business they have and they should have a business like this all over the country or world. This is indeed an ego-booster for the 17-hour a day small business entrepreneur.
Of course franchising like anything is not as easy as it looks. How will you know if your business is franchise-able? Well simple really you need to go through a little checklist and ask yourself is my business easily duplicate-able? Can I train someone in 2-3 weeks max to do this business at a similar level as you are currently doing it? Can I make video tapes to train all the new things which come along. And most of all if I franchise my business now, do I have competent staff to run my business while I am busy setting up the franchising part of the company? If the answer to all this is yes and if you have a couple of locations already then you may consider it.
Next you will need funding and generally it takes 500,000 to 1 Million Dollars to franchise an existing business. The lower end is for Home Based type service businesses and the upper end is for location based businesses. And you will need all that and more so plan on eating Top Ramen and watching your money carefully as you grow your business into a full-scale franchise system. Consider all this in 2006.
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Lance Winslow, a retired entrepreneur, adventurer, modern day philosopher and perpetual tourist. |
Topics: Franchise |
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