Franchise Euphoria How to Know if a Business is Ready to Franchise
You’ve built a successful business, and think you’re ready to franchise it. But how can you be sure? Today our host, franchise expert and attorney Josh Brown, shares six things to consider before taking that leap, and some of them might surprise you.
Key Takeaways:
[:42] Josh is frequently asked by people if they should franchise their business.
[1:35] It’s a good idea to have two operating locations before you franchise.
[2:55] The current success of your business is a big indicator of whether or not you should franchise.
[3:25] You must understand the numbers.
[4:04] Most businesses start out very simple and aren’t based on a solid strategy.
[5:33] You should have a proven system that you can explain.
[5:50] Your system should be simple.
[6:44] Keep your eye on the focus of the business.
[7:00] You must have an operations manual.
[8:24] Josh has created an operations manual template. If you are interested in using it, email him at josh@indyfranchiselaw.com.
[8:51] Not all operations manuals are created equal.
[9:30] Know your market size.
[10:24] Dominate within a 100-mile radius, and then expand from there.
[12:22] What ongoing value can you as a franchisor add to your franchisees?
[15:53] Thanks again for listening, and please, reach out to Josh anytime through email at josh@indyfranchiselaw.com.
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