You’ve probably heard this statement (or something like it), more than a couple times…maybe from someone at a networking mixer, or even from a business owner you know. When you hear this, your immediate response should be: “Have you ever thought of franchising?”
It’s nearly every business owner’s dream that their business goes viral and expands into different markets. However, the challenge is HOW without adding lots of overhead (see article “Open More Locations or Franchise”). When a business owner wants to or simply needs to expand (because they can only do so much themselves), franchising should be explored.
We often hear some common statements from business owners struggling with their decision to expand. Here are a couple of these statements:
“I want to expand my business, but I don’t want to hire more employees.”
“I’m tired of training my competition.”
When a business is well run and successful, that will inevitably spur copycat businesses (for example, look at the real estate industry). And guess what? Some of those came from ex-employees! Give your employees an incentive; provide them with an easy way into business ownership so they can still be part of your system, not one of your competitors. With a franchise model in place, your employees could be the first ones to be awarded a franchise. Having this option may be very appealing to employees and creates tremendous loyalty.
