June 12, 2023
5 Things to Think About Before You Franchise Your Business
Before deciding you are ready to franchise and develop your business, there are some important things to think about and prepare prior to expanding. Starting off on the right foot and with the proper, solidified foundation in place can help point your brand in the right direction. Here’s 5 things to consider.
1.Set yourself up for success. The way you start out is extremely important – making sure you have strong and established processes and business models in place. SMB Franchise Advisors Founder and CEO Steve Beagelman says that It is valuable for most companies to increase a brand’s credibility and document the proven business model they’re trying to expand.
2. Know what makes you stand out. Be ready to tell people. Before franchising, you should make sure you know your answers to questions like, “What makes your company different?” The SMB team always stresses the importance of things like excellent customer service, unique products and services, plus a strong culture; this helps showcase what your (and your brand’s) core values are. Do not hesitate to tell your story.
3. Have a protected Trademark. Now that you know what makes your brand yours, it is key to protect it. Filing for your trademark will safeguard your brand’s name, and no one else will be able to use it in the US. Our VP of Marketing and Brand Development, Dawn Abbamondi says that the best practice includes retaining records using the name – along with samples of the ads or signs you have used – she says this can help to create the historical precedence of your name and marks to be even stronger in defense if there is a similar name in another market later on.
4. Find people who align with your brand’s culture. As the franchisor, you are the one who will lead your franchisees to success. Ensuring those you are bringing on to become a franchisee value what you value. This should take priority. After all, they represent you, and what you’ve worked so hard to develop and grow.
5. It’s not easy, but it is certainly worth it. Nothing in life is easy, and franchising certainly falls under that umbrella. With the right preparation and people supporting you, you will find success. Don’t forget that success is seen in many forms – achieving your goals and seeing your vision come to life is rewarding. Financial success will come, but looking forward to seeing your franchisees succeed can be even more rewarding.