A brief introductory video on franchising your business. Through this video, you will learn how to determine if your business is franchisable, and what makes franchising such a popular growth strategy for businesses, from healthcare to lawn care and many in between.
After viewing this video, please click here to request more information or to speak to one of our consultants about how to franchise your business.
“Franchise My Business” video transcript
Have you ever thought about franchising your business?
If not, you should know that franchising is one of the most dynamic growth vehicles available to you. For example, in the United States alone, franchising is estimated to represent 40 percent of all retail sales. We’re talking hundreds of billions of dollars.
What kinds of business can be franchised?
While restaurants are a major part of it, franchising also includes healthcare, education, automotive services, finance, lawn care, staffing, and many other industries.
How do I know if my business can be franchised?
If you think that you might benefit from franchising, the first thing to ask is if your business is, in fact, franchisable.
- Is it profitable?
- Does it provide adequate returns?
- Is it credible in the eyes of potential franchisees?
- It needs to be easily cloned.
- And if it’s a little unique or sexy, that helps too.
What three things make up a franchise?
Legally speaking, a franchise is defined by FTC Rule 436 which says that a franchise is a business relationship in which three elements are present.
- The franchisee is entitled to use your trademark.
- The franchisee is provided with training and assistance.
- And you, as the franchisor, collect a fee or royalty.
If you have all three, you have created a franchise – regardless of what you call it.
So, why is franchising so popular?
Well, it solves three basic problems: money, time, and people.
By using other people’s money, you’ll be able to grow your business without the capital or bank financing required to open more company-owned units.
You’ll save tons of time on work the franchisees do – finding sites, hiring people, training staff, and opening the location – enabling even faster growth.
And you know you’ll have the right people, who are highly motivated by their own investments and are in it for the long haul. In fact, studies have shown that franchisees can outperform company managers by up to 30 percent.
Who can help me franchise my business?
If you’re interested in franchising your business, there’s one company that can help.
The iFranchise Group has a 12 point test that can help you determine if your business model is, in fact, franchisable.
And if it is, we can also help you determine if franchising is really the best course of action for your particular business.
To receive a free evaluation, plus a free 90 minute educational video on “How to Franchise Your Business,” visit ifranchisemenat.com/franchise-my-business or call us now at 708-957-2300.