How do you know if you are franchise ready?
Your business model is set, you're now fully immersed in building and growing your business. Now you're at the point where you're considering going further by moving to a franchise and asking the question, what do I need to do to make it happen?
This is a big decision for many business owners, which involves careful planning and preparation. Deciding to franchise doesn't need to be as excruciating as you might think and you can use these 3 steps to help in your decision.
What makes my Business Brand Unique?
What does your business-your brand- have that makes it stand out from the competition?
Product and price were probably the first to come to mind, when in fact there are several other factors to consider.
According to Forbes, factors that make a business stand out from its competitors are:
Superior customer service
A unique company story
And whether your brand can be replicable- geographically speaking.
An example of this would be KeyGlee. Our mission is to revolutionize the wholesale real estate industry through integrity, an uplifting work environment, and building relationships with collaboration instead of competition.
Look at what your business offers, not just to your customers, but to your employees, your community, and both your and your company’s goals.
Build a Foundation
Step 2 is probably obvious, but if you want to be a franchising pro, you have to make sure you have your systems and processes down pat.
What does this mean?
Having a solid business model is the blueprint for a successful franchise operation. You should have a substantial layout of how your franchise will operate and make money. Outline the key revenue streams, cost structures, and specific products or services your business will offer. This way when it comes time to franchise your business, you already have all of your bases covered.
Your business model is also crucial for potential franchisees, they will use your layout to decide whether or not the franchise is a good fit for them.
You also need to establish and promote your brand’s credibility. Lay out your competition, target market, competition, and unique selling points, and instill trust and confidence in your business. Show why your business is a reliable and profitable investment.
When it comes to franchising, brand credibility plays a crucial role especially when it comes to establishing trust and confidence in the eyes of potential franchisees and customers.
A brand with a good reputation is more likely to have people willing to invest and buy its products or services. A credible brand will also help to attract top talent and qualified franchisees- who are more likely to run their own franchise location successfully.
Customers in general are more likely to choose a well-known and reputable brand over an unknown one. Brand credibility as a whole gives your franchise a competitive edge and secures long-term success.
Work with a recognized Franchise Brand
The last step to deem your franchise ready: go with a franchise brand that is recognized and can help you protect your business, along with being able to give you the knowledge to operate your brand.
Aubin Gosson, one of our brand-new franchisees, had never owned a franchise before, but was involved in real estate and real estate investing. Her goal was to expand her real estate business and turn it into an ever-growing franchise.
She didn’t want to start from scratch and was looking for a good system that would allow her to grow her business with a franchise.
Using a site like KeyGlee, Aubin was able to find a franchisor that had:
An already established implemented system
company morals that aligned with Aubin’s own
Able to see how both of these factors worked together and how they would work for her
And participate in various events like KeyGlee’s Launch Week
Now, Aubin has 2 acquisition holders, looking to expand her team, all while also looking towards expanding her franchise market.
Owning a franchise can be an advantageous move towards building and broadening your business. If you think you are ready to take the next step, schedule a call with us and we can set you up with an in-person discovery day to show you what we can do and do for you and your business.