Should I Franchise or Not?

A reader of one of my online sessions asked should he franchise his business or not. He had set up a service business and was getting ready to expand and wanted to know if franchising was a good potential strategy for this. How do I franchise my business? There are many criteria for franchising and if you have ever thought you might wish to franchise your business then this advice could be of value to you:

You cannot determine if you should franchise or not until you have perfected your operation, any thing less than perfection will be doing a disservice to your future company and franchisees. I am not advocating waiting until it is actually perfect, for that day may not ever come, but rather making that a goal of your business building before deciding to franchise or not. Go read the "E-Myth."

It is possible you might be pre-empted as your profits will be taken by attorneys and lawyers due to the increased regulations in franchising. We have issues in the US where workforce is often under the impression of the right to be irresponsible and if they do not work hard and fail they will most likely blame you and sue. So many factors to consider and many are not in any books. I would say; you need to start with about a million dollars solely dedicated to the franchise part of the business to get it to work. Not including all the prototypes or company owned stores or operations.

There is an overload of information on this topic, but anyone truly interested in franchising needs to study up on these methods. If you can; I recommend some good books or articles on this subject you might wish to read:

The Franchise Bible

Trips and Traps When Buying a Franchise

Franchising 101

Franchising for Dummies

Franchising and Licensing

I have read and own probably 30 books on the subject all have tid bits but these ought to be a good start. If this it not sufficient, a longer list can be made available from www.franchising.org . Remember most people write books for a reason; if it is written by an attorney it will have legal slant, an entrepreneur will have an optimistic and promotional slant, a consultant will have a strategic slant. You see? The book most important in my professional opinion after you have franchised would be; "The Franchise Relationship" www.franchiserelations.com .

If you are considering the franchise format to expand your currently successful business then these are aspect and information you should be well versed in to make it all work. I wish you the best of luck and continued success.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs

---

Small Business Secrets: Self-Confidence Can Be Arranged

At first blush this idea might be difficult to wrap... Read More

Too Many Lawyers in Franchising Today

Attorneys and Lawyers are ruining the franchise industry. It is... Read More

Hispanic Small Business Advantage

One thing I have noticed in my travels to different... Read More

Never Burn a Bridge

Why should you always maintain a good report with a... Read More

Going Public: The Process for Small and Mid-size Companies to Go Public

It's the dream of every person who starts a business... Read More

Successful Small Businesses Use PR

It's obvious when a small business has accepted the fact... Read More

Top Ten Resolves for Building Your Business in 2005

1. Resolve to build a consistent network system.Since referrals are... Read More

Is Your Small Business Name Important?

You bet a name is important. Many small business owners... Read More

Entrepreneurs Go Virtual!

With the massive explosion of start-ups and home businesses developing,... Read More

Is Brick and Mortar A Passing Fad?

Q: Is the online world the best place to sell... Read More

A Small Business Consultant Can Help in Many Ways... But One Thing He Can?t Provide

A consultant must remember that the business belongs to the... Read More

Small Business Opportunities Magazine Business

A Small Business Opportunities Magazine is one of the new... Read More

Private Franchising is not Real a Real Franchise

One major issue not being addressed right now in the... Read More

Small Business CRM Is Here To Stay

If you ask most small business owners what priority CRM... Read More

Top 7 Small Business Tax Tips

Here are seven ways for owners of small businesses to... Read More

Want to Grow Your Business? Make an Irresistible Offer

My clients and many of my readers are small and... Read More

There Are No Dumb Business Questions, Not!

Q: I'm curious. What is the dumbest business question you've... Read More

Yeah, It IS Lonely At the Top

Sometimes when you run a business you feel as lonely... Read More

To Buy Or Not To Buy: Lawn Mowing Business

TRUTH IN THE LAWN MOWING INDUSTRYWe do not wish to... Read More

Secrets to Washing Fleets of Trucks from a Nationwide Fleet Washing Service

Washing the exterior of a truck. Sounds easy right? Well,... Read More

Site Selection - Slice of Life, A Car Wash and Detail Center DownTown

There is a continual trend we are seeing which I... Read More

Is Your Business Making Money?

Is your business making money? Would you know?Figuring out whether... Read More

The Triple A Way to Spark Your Companys Profits

Winning small and home based businesses today must continually shake... Read More

Window Cleaning Business Case Study

How do window cleaning franchise businesses start? It is a... Read More

Successfully Adding a Service To Your Business

There will come a time in your business where you... Read More

S Corporation ? What Is It?

For many small businesses, the "S" corporation is the business... Read More

How to Effectively Design Your Business Image

In many industries, image is one of the last things... Read More

Packing Material Thats Cheap!

Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More

Marketing a New or Small Business on a Budget

There are almost as many opinions and views on marketing... Read More

Is Your Business Legally Prepared?

It is imperative to have your business legally prepared. How... Read More

SBIR vs STTR

SBIR vs. STTR: If you are participating in the SBIR... Read More

We Know Who THEY Are

Am I the only one that does not have an... Read More

How To Start a Small Business

Not sure how to start a small business? This guide... Read More