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Should You Franchise Your Business? The 2-Step Check

Andy Georgiou from Fransquared discusses the key points you should consider when deciding whether you’re ready to franchise your business.

You should consider a couple of key points for whether you are ready to franchise your business:

1. IS YOUR BUSINESS PROVEN AND PROFITABLE?

Proven in the sense that you’ve been running for an extended period, successfully growing, and showing a clear demand in your market. This might be anything from 18 – 24 months, ideally longer. The longer you have been trading the better as it shows the success over an extended period which both proves your business model works and may appeal to potential franchisees. Anything less than 12 months isn’t likely to be long enough in terms of franchising your business, because it’s simply not enough time for you to demonstrate that you’ve been trading successfully over a period and can prove your concept works.

Profitable means not only will this make someone money, but good enough money for them to consider it a better option than employment and worth their time to invest in. If you’ve got a full-time franchise opportunity that will make the owner an entry-level wage, then it’s probably not quite ready. If it can make or exceed what they’d receive in a job, then the freedom and flexibility of running their own business will be attractive along with the earning potential.

2. IS YOUR BUSINESS EASILY REPEATABLE?

You’ll need to train someone to replicate your business services, products, programmes, customer service etc so ensuring it’s a relatively simple model is essential. If you have a complicated business model, use many systems, onerous administration tasks and various complicated processes then it can become difficult very quickly. Simplify wherever possible.

One of the biggest reports of franchisee dissatisfaction is with the amount of time it takes to do simple tasks in their business (much like any business owner) so if you can automate tasks, create simple systems and processes, and not burden the franchisee with too many time-sapping things to run their business it will be well received and better in the long run.

There are a few other things to consider ensuring suitability to franchising, but the above two are non-negotiable.

For more information on how to franchise your business, visit https://www.fransquared.co.uk and book a call today.

Watch Andy’s talk ‘How to Franchise Your Business’ by clicking here.

Andy is a leading Franchise Business Consultant – fiercely committed to guiding business owners and established Franchisors to build happy, profitable and successful franchise networks. With qualifications in Management, Digital Media and Marketing, he has helped build, advise and grow leading 6 and 7-figure franchise brands over the past decade. His business (Fransquared) is the number one rated franchise consultancy on Google.

Andy is also the Founder Director of ICAP: Institute of Children’s Activity Providers and a specialist in the sector.

By becoming a member of ICAP you’re joining a community of like-minded professionals and business owners in the children’s activity sector working towards excellence

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ICAP: Institute of Children's Activity Providers 2022. All Rights Reserved.

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Pip Wilkins

Pip Wilkins is the Chief Executive of the British Franchise Association (bfa). With 25 years’ experience in the franchise sector, Pip has worked her way up within the Association, gaining insight from all areas of the business and the franchise industry. She is well-known and highly regarded in franchising for her dedication and depth of knowledge. Pip regularly speaks at conferences and seminars both domestically and internationally, as well as writing on franchising matters for national, local and franchising trade press. Pip is also a regular judge for the annual bfa HSBC Franchise Awards, the Franchise Marketing Awards and Global Franchise Awards. Pip represents the UK at both the European Franchise Federation (EFF) and World Franchise Council (WFC). The bfa has grown to be one of the largest franchise associations in Europe, and one of the most successful associations in the world.
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Theo Millward

Theo Millward is a graduate of Lancaster University with a BBA in Management. In 2016 Theo purchased UK swim school, Swimtime from the founders which teaches 20,000 children a week. Following a multi-award- winning digital transformation, during the global pandemic, Theo and his team founded Franscape, a saas that digitally transforms Franchise brands. FranScape won New Business of the Year at the UK Business Awards.

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Andy Georgiou

Andy is the Founder of ICAP and a leading UK Franchise Business Consultant. He is fiercely committed to helping children’s activity providers build successful and profitable businesses. With qualifications in Business Management, Digital Media and Marketing, he has helped build, advise and grow leading 6 and 7 fiqure children’s education, sports and activity brands in the past 17 years.
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Frank Sahlein

Frank has been active in the Children’s Activity Center industry as an athlete, coach, business owner, consultant and business broker. He is a native of San Mateo, California and graduated from San Jose State University in California (USA).
Frank was a pioneer of the Children’s Learning Opportunity Center concept from 1976 – 2016 at the Wings Center in Boise, Idaho (USA) – a blend of Sports Instruction, Arts, Education, Entertainment and Outreach programs.
As a business management innovator, Frank has delivered over 1,000 presentations for a variety of Children’s Activity Center industries such as gymnastics, swimming, cheerleading, dance, martial arts/ninja and child care/education.
3rd Level Consulting is a Business Development and Service Provider Partner for private industry companies, associations, and organizations in the USA, Australia, Canada, New Zealand, Singapore, the United Kingdom, Mexico, and Panama.
Two-time recipient of the National Business Leader Award from USA Gymnastics, Frank is the author of “Building Your Business Potential” and “Designing Your Empowered Life”. He is the creator of the SmartEDGE™ Business Applications and Management Certification Courses. He is the co-founder of LEAP Learning and the MetaSpheres Corp, and is the founder and Executive Director of the International Association of Child Development Programs.
His passions include his beautiful wife Lourdes Gonzalez, family, friends, fitness training, transformational reading and travel.