Don’t rush into this decision without first doing a proper amount of research and due diligence.
As a business owner with multiple years of success and a value proposition that resonates with your target audience, growth and expansion are likely top of mind. You may already have multiple locations — also doing quite well — and you’d like to explore how to scale. Your concept might be an ideal candidate for franchising, where you can maintain the brand continuity and quality that’s helped you make a name for yourself, while recruiting additional owners to expand your market share. It can be a heady time, full of excitement and possibilities. But it doesn’t mean you should rush headlong into this decision without first doing a proper amount of research and due diligence.
To assist with your dream of replicating your successful business model, here are five things to know before you franchise your business.
1. Firm up your brand identity
Owning a successful business that’s now a candidate for franchising is already an accomplishment. But before you reach out to a franchise attorney who bills by the minute, make sure you firm up your brand identity.