You may have asked yourself if franchising is the appropriate way to expand your particular business. The fact is there are specific indicators for a viable franchise business.
Indications You Have a Business with REAL Franchise Potential
Keep in mind that there are very few companies that can say that all of the following descriptions apply to them. However if you can say that just a few of the indicators listed
below apply to your business, there is possibility that your business is viable for franchising.
If you answered "yes" to any of these indicators, you should seriously consider franchising your business.
- You have at least one location currently in operation
- Your business has been in operation for more than two years
- Your customers or clients ask, “Is this a franchise?”
- You have proven advertising and marketing programs
- You have proven sales and marketing techniques
- There is proprietary products, services, equipment within your business
- Your business has a strong margin and is profitable
- Your business operates by a prescribed process and procedure
- You see improved economies of scale with each new location that opens
- Register your trade name with the U.S. Patent & Trademark Office or with the state
- Your business has a good reputation among consumers and suppliers
to realize your personal and professional goals.