A Route To Grow Your Business

NewBusiness:

If you decide that franchising or licensing could be a route to grow your business you need to consider the following issues:

Your business format should be fairly simple, proven and capable of replication and have been trading successfully for at least 12 months;

The business must be financially secure and allow for the financial resources to build and support a franchise network;

There must be sufficient profit to provide a worthwhile income for both parties;

You need to be certain that there is a steady or growing demand for your product or service in the long term;

All the necessary resources, such as staff, premises, infrastructure and finances, should be in place to build the network, train and provide ongoing support to franchisees.

The next significant and critical step is to set up one or more pilot operations, which will:

Show that the business is viable as a standalone operation;

Identify any problems and development needs;

Enable you to put an operations manual together;

Highlight the set up and operational costs involved.