|Gina Blitstein combines her insight as a fellow small business owner with her strong communication skills, exploring topics that enhance your business efforts. That first-hand knowledge, matched with an insatiable curiosity to know more about just about anything, makes her a well-rounded writer with a sincere desire to engage and inform.|
Is Franchising Your Business a Path to the Growth of Your Dreams?
It takes a lot of hard work and innovation to get a business to the point where it runs smoothly, efficiently, effectively and profitably. That’s a rewarding attainment in the lifecycle of your operation - but what if you yearn for more? What if you want a higher degree of growth; to supercharge your business and make it bigger, better, stronger, faster...? There are a number of effective means for expanding a business’ scope and taking a bigger bite out of the market. You could:
There’s one particular route that checks many of the above boxes, while preserving and leveraging your existing, success-proven business model - Franchising.
Franchising is a legal way of "cloning" your business’ successful products, services and operating practices (your "brand") and selling the rights to your specific, trademarked business model (which includes your business systems, suppliers, training and ongoing support) to others. Buyers, your franchisee, in turn, are granted the right to run a duplicate of your business. Think of a franchise as a portable version of your business - one that can be packed up, transported, opened and operated from an independent location. Franchisees pay the franchisor an upfront franchise fee and ongoing royalties. Franchising represents a low-risk, high return investment for the franchisor.
So, could franchising be a route toward the bigger business of your dreams? Let’s examine what may - or may not - be in it for you.
As you can see, there are many advantages to franchising to take your business’ scope of influence to a whole new level. Unless cutting-edge innovation is your path to bigger and better heights, franchising may be worth your consideration.
Is franchising a possible way to grow your business?
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