Is Your Business Suitable To Expand Successfully Through Franchising?

Do you own a business that could be suitable for franchising? Consider if your business exhibits the foundation stones to form the basis of a successful franchise.

The Franchise Magazine:

Historical Trading Performance
Franchising is about replicating a financial model that has already been achieved, so it is imperative that there be sufficient trading to give realism to any financial projections.

A Proven System
Good franchising requires the franchisor to have gone through the learning curve, identified the pitfalls and found appropriate solutions, the franchisee can then be shown a business model that works. The franchisee should be replicating a tried and tested business system, rather than experimenting with new ideas.

Branding
Strong branding is fundamental. People want to invest with a sense of pride in a business that portrays a strong corporate identity and has a brand suitable for national or international recognition. If the trade name has been formulated around a local region and is unsuitable to travel nationally, it is best to formulate a new brand before franchising is undertaken. The brand should be simple and shout out the message of clarity, professionalism and quality.

Corporate Image
The corporate image of a business is portrayed through external signage, a protected brand, corporate colours, vehicle livery, corporate dress, website design, promotional material, own label products, stationery and head office presentation. Quality franchisees are attracted to a business that has a strong corporate identity that they would feel proud to belong to. It is important to develop strength of corporate image throughout all aspects of the operation. Continue reading…