The whole idea of duplication is most business owners’ dream. And if you are like most business owners you are constantly wondering what is the best way to duplicate your business and how to franchise it. Conceptually duplication sounds easy, but in reality it may not be as easy as it seems. The easiest path to duplicate your business (where you have the most control) is of course is growing organically (which means opening more company-owned locations yourself). However, if you are like many other business owners you do not have the time or the patience to open more businesses yourself. Franchising can be a quicker and easier way to duplicate your business and grow since you will be teaching other people how to operate your business themselves (learn about whether company-owned growth or franchising makes sense for you). Regardless of your path, whether you grow organically or through franchising, there are lots of things to take into consideration. So what are the types of things you should be thinking about if you want to duplicate your business? Let’s explore a few now.
Things to be Thinking About if You Want to Duplicate Your Business
Think BIG. If you are looking to duplicate your business, what you do and how you do it needs to work anywhere. A basic definition of scalability is the ability to be changed in size, scale or scope. So when scaling your business leveraging your relationships with your vendors and suppliers is a good start. This is important when it comes to however you wish to scale your business, whether you plan to grow regionally, all over the United States or all over the world (read about where it is best to franchise your business). If your business is product centric then you should be looking at how your products are sourced so they can be easily available anywhere. It is encouraged that you start thinking in terms of abundance rather than scarcity (sometimes we limit our own growth by thinking small). If you are looking to duplicate your business where products play a big role in what you do (compared to a service-based business) it is going to be all about sourcing a large quantity of products. For example: if your business sells wicker furniture made only from the willow trees in your backyard, then this business model does seem to be very scalable because your resources for willow wood are limited to your backyard (read our article to find out if any type of business can be franchised). The last thing you want to do is set up a business plan to grow quickly to later realize that the products you rely on to operate your business are not widely available or your vendors cannot handle the volume.
Efficiencies, Sustainability and Training
Every business has processes or checklists that we like to call best practices. If you are looking to duplicate your business it is important to think if there is an opportunity to refine your processes to be more efficient (learn more tips to help you prepare for duplicating your business). Think about everything you do throughout the course of your day and how you can train either a manager (if you choose the organic growth path) or franchisee (if you choose the franchising path) how to implement and execute. Yep, time to dissect your business to the lowest common denominator so every step you take to perform a service or sell a product is fully understood. Don’t just focus on the operational strategies you have in place, but also how to hire, manage and pay the people you need to run the business smoothly. Even your employee management strategies such as how you motivate employees, promote their growth and incentivize them needs to be on your “passing down wisdom” radar.
The bottom line is that the only way for either a manager or a franchisee to be fully self-sufficient (which is one of the keys to successful franchising) is that they know and can master every element of your business. We encourage that you start listing out all the things you do on a daily basis, no matter how mundane they may seem. When you really start tearing down your business you may begin to realize that you have a lot of steps that when you add them up equate to best practices or systems. This also includes how you track results and how you keep your finger on the pulse to identify problematic areas within your business and ways to improve operations. When looking to duplicate your business being able to share your experiences and nuggets of wisdom is key, so start organizing your thoughts.
Convincing Franchisees of Your Business
Here’s the deal, if you are looking to duplicate your business through franchising you will need to compel somebody why your business is their best choice, why it withstands the test of time and why you are the best person to help them achieve success. You need to honestly look at your business and evaluate it with a different set of lenses. Look for challenges, look for holes, fill them up and solve them. Don’t leave any stone unturned. This applies to whether you have been operating your business for many years or just a few months. Sometimes we get so wrapped up in our own world that we don’t take the time to put on a different set of lenses and look at things from a different perspective. If you are looking to duplicate your business through organic growth or franchising this is essential.
The more effective you are when it comes to implementing some of these concepts above (whether growing organically or through franchising) then the stronger the likelihood you will be successful at duplicating your business. We specialize in franchise development. Franchising is simply an avenue for you to duplicate your business. When we franchise your business, in a sense we are taking what you do now and duplicating your entire business model. Everything from your best practices, checklists, strategies, operational know-how, wisdom, philosophy, culture, etc. is put together in one big package for a franchisee to learn and execute. Hopefully now when you are thinking about how to duplicate your business and franchising is on your mind, you know where to start. To discuss franchising we welcome any conversation. Call us directly at 1-877-615-5177. Tell us about your business and we can tell you if duplicating your business whether it be through franchising makes sense.
- What to Consider When Franchising Your Business
- How Franchising Will Affect Your Future
- Franchising is for Big Picture Thinkers
- A Few Things to Know About Franchising Your Business
- Is Someone Soliciting You to Franchise
- Learn About The Franchise Maker
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