Knowing When the Time is Right to Become a Franchisor and an Emerging Brand
You became a small-business owner and made a success of your independent, local brand. Now you ask, “Is franchising next?”
If one of these align with your unique story, it is time to start your franchise journey:
- `Your staff is comfortable handling the day-to-day needs of the business. You are able to shift your focus to
community engagement, new marketing initiatives, and research and development that will take your business to the next level. - `You have opened two to five locations with various types of customer demographics and market characteristics. They are all in various stages of flourishing. You can reinvest profits and continue to seek out new locations to expand even further.
- `You have created, discovered, or invented a new product or service that is in great demand. Even though your business is not very established, you have cutting-edge technology, you solve a problem or a need people solve, or you are just so innovative, others will follow. You are leapfrogging the competition – if there is any competition at all.
- `Your brand has a great reputation. You are trusted. Even if you are not totally unique and innovative, the franchise competition is sold out in areas around you, regionally and nationwide. There is growing demand for your services and products. Your brand positioning is unique, you have a great culture and your team loves working for the company. Plus, clients ask you to expand.
If you fit one of these four scenarios, the time to go to market is now! You have been thinking of expanding; you are ready to transition to mentoring others to follow your lead. As a franchisor, they will pay you a franchise fee and ongoing royalty to become a part of your brand.
Start to research becoming a franchise founder.
Make a plan. Talk to the experts who can guide you to success. Then, you will be able to promote your brand, right here in Franchise Dictionary Magazine, to find the franchise owners who will help you expand and turn your brand into a household name.
– Dawn Abbamondi
Dawn Abbamondi, Director of Brand Development & Marketing at SMB Franchise Advisors, has over 20 years of extensive franchising experience in the coffee, food, convenience, gift and floral industries. Dawn leads the areas of marketing, social media, public relations, web development and lead generation. Contact her at 215-370-7998 or Dawn@SMBFranchising.com. Visit www.SMBFranchising.com