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Here are five hot tips to help you decide if
franchising is the future for your business.
1. Have you got a product or service that the market
needs and wants in the long-term?
There is no point in trying to franchise something
which nobody is going to want in ten years, so if
your business is in a declining industry, don’t try
to franchise.
2. Do you have a proven business system which you
can show has worked in practice?
Franchising an idea is impossible – any potential
franchisee will want to see that it works in the
real world. The best franchisors use their own
business as a model or develop a pilot product to
make sure they get the process right before they
launch a franchise operation.
3. Is your business profitable?
Bear in mind that people who buy franchises are
investing thousands of pounds and will be looking
for a return on that investment. Don’t expect people
to settle for returns which they could earn by
working full-time in a salaried post. |
