Five reasons you should franchise your business right now!
Janine Allis
![Janine Allis]()
Janine Allis
Founder of Boost Juice Bars. “I still love getting up every morning and being a part of this great adventure. I’ll keep doing it as long as I love it and who knows where we could end up next!”
People often ask me, "Should I franchise my business - is it right for me?"
The first thing I'd say is if you have a business that is only slightly profitable after royalties then do not franchise, as it will be a world of pain! Franchising only works if you have a proven profitable model that is transferable and has growth potential.
So let’s assume your business is making money – what are the benefits of franchising?
- Claim your territory. If you have a good concept that is busting to grow and you do not grow it, then someone else will! Don’t let anyone steal your hard work right out from under you.
- People: The number one positive if you do franchise is that you get likeminded people involved in your business who also have ownership. The good franchises really tap into this great resource to grow their business.
- Capital: Another positive is that you can grow your business with limited capital outlay.
- Marketing: Franchises pool their resources so that they can market effectively as a group. Franchising is also great way to get market penetration which in itself is a great marketing tool.
- Buying Power: With mass orders come great savings. Many businesses need to get to a certain size before they are big enough to make decent money. With a franchise, even though you have one store, you leverage the group and you immediately have great buying power.
So if your business is straining to grow – do the sums. Franchising just might be the perfect solution for you.
Stay tuned for part 2 of this article discussing the four major pitfalls of franchising (and what to do about them).
Be sure to view my blog at janineallis.com for more articles.
Empowering Business Growth & Financial Freedom | Accountant, Tax Strategist & Wealth Planner | Trusted Advisor to Entrepreneurs, Investors, & High-Net-Worth Individuals | M: 0432785312 | [email protected]
9 年Thank you
Head of Health and Well-being at THERME GROUP?
10 年thank you!
APAC Marketing Communication & Events
10 年Tremendously you have presented the advantage of franchising the business.. Absolutely it will help in the budding process and will provide assistance for producing different divisions of business. #ThumbsUp
Executive Board Member at UPSEE
10 年I would like to get into this kinda venture...
Up And Coming Screenwriter
10 年Good evening, what type of small business would you like to get into?