FRANCHISE ADVICE
and supportive of your franchisees are integral for success.
5. Does your brand stand out? The bedrock of a franchise is one that has a standout brand identity. Potential franchisees seek out businesses that emanate a robust persona, one capable of resonating at a national or even global scale. If your brand name centres on a specific location, region, or individual name, it might not be suited for expansion via franchising. The consideration of rebranding may be in order before delving deeper into the franchising realm. Your brand should radiate simplicity while conveying messages of clarity, universality, professionalism, and quality. And get the trademarks arranged early on!
6. Is the return on investment attractive enough to entice potential franchisees to join? How quickly can a franchisee make their money back? Typically, the banks would look for an ROI by month 18 of trading, but so much is dependent on the initial franchise fee and start-up costs, the income and profit generated, the sector the business operates in, the length of the agreement and the type of person becoming the franchise owner. You should initially carefully plan, model and review the different potential scenarios for your franchise opportunity, to give you the best chance of success when you market the opportunity.
7. Are you ready for the next chapter? If your business aligns with these criteria, congratulations – you're primed for
franchising! Should your business fall short, don't despair; franchising could remain a future aspiration. Address the areas needing refinement and don't hesitate to seek assistance in making your business franchise ready. Franchising could well be the best decision you have ever made!
Seek out advice: Whether you are ready for franchising or not quite there yet, arrange an initial conversation with Ashtons Franchise
Consulting. And if you are attending the National Franchise Exhibition in Birmingham on the 6 & 7 October, you can sit down with one of the team on their stand, J80, opposite the British Franchise Association.
Phil Mowat is Managing Consultant at Ashtons Franchise Consulting
BUSINESSFRANCHISE.COM
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