The fact is, that there are a lot of advantages to franchising a successful business. The first thing to consider then is whether you do in fact have a business and a strategy that can be duplicated over and over again. If your business can be replicated and taught to others then franchising may be your best route for expansion.
To help you decide if franchising makes sense for you, please go through the following 10 questions.
- Is your business profitable?
- Has the business made money for a long enough period of time to predict continuing success?
- Do you have a simplified, standardized or uniform method of doing business?
- Is your method of operation teachable to a new manager within a maximum of four weeks?
- Can a reasonably intelligent trained person operate the business?
- Is the business transferable to other markets across the Philippines or to other countries so far as you know?
- Is your business distinctive in some way that gives you a competitive advantage?
- Are you comfortable working with business associates on the basis of persuasion and discussion, without being able to issue direct orders?
- Is your business based upon long-term trends rather than a short-term fad or market phenomenon?
- Do you have a burning desire to grow your business?
If you honestly can answer “yes” to each of these questions, then franchising may well be in your future.