You have spent years building your business, have already developed a proven system, faced the challenges of starting the business and have refined the strategies and procedures responsible for its success. Your customers are loyal; many ask if you intend to open other locations.
You want to expand, but the problems are clear- people, time and money!
The answer, very likely, may be franchising your business. Franchising allows you to grow your business without requiring a huge capital, and being less involved in the day-to-day operations of additional locations. It provides a method for growing your business quickly, whether you plan to grow locally, nationally or internationally. As a broad guideline you need to meet most of the following criteria.
A proven business concept: your product or service works and you’ve built a loyal customer base
A profitable business: you have financial records (P&Ls, budgets) to measure and track your performance.
Well-established operations: you have reliable functioning systems and processes.
A defined point of difference in the market: your customers can differentiate you from your competitors.
Replicability: You may also have opened a second or more outlets, so you know the business is replicable and can work in different environment.
To help you determine if your business is a good candidate for franchising and how Plutus Advisory Group can help, Contact us today !