Many people here have started their businesses from scratch. Say a company, like this one perhaps, approached you about creating a franchise from your business.
Would you do it?
I don't think my business lends itself to being franchised, but it's something I wondered about if I would have started my own store. I think assuming my store was doing well I might have opened a second and maybe a third. Naturally they'd need people to manage them and I suppose in time those managers may have wanted to purchase.
I don't know that I would have tried to force my business into a franchise, but if it evolved in that direction on its own I probably would have helped it along in that direction.
im not sure if ours could be franchised....i sure hear a lot that we would do so great somewhere, and that there is nothing like us in their city...
but it would be very hard to teach someone how to get the interesting secondary market inventory, how to buy like jon and i do....
i would love it tho....passive income~!!!!
ann at greenoak www.greenoakantiques.com
Our business could be franchised and I've been asked about it but prefer not to at this point. I'd rather open additional stores (which I have plans to do) myself and slowly grow that way. As the saying goes "never say never".
You need to be very careful when thinking about franchising. There are a number of so-called consultants who are more than happy to take on companies who have virtually no chance of creating a successful franchise program. I would recommend that anyone talk to a number of different experienced people in the business, and not just consultants who stand to earn a fee whether or not you are a success.
A successful franchise program requires a lot of elements coming together, not just a good idea. If the elements are present, however, franchising can be an excellent choice for expanding the business under the right circumstances.
I think Ann could do the same and then perhaps offer training to the franchises for how to get the secondary market inventory. Even with a franchise the individual owners success varies. Some add their own talents to the business and others don't.
The franchise is usually there to offer brand, marketing, training, and maybe product.
My business is not franchise-friendly. There are some ideas and programs that I could pass on...but most of the ideas are fresh and come to me from consultations with the client, so it would be hard to replicate and duplicate...
In pursuit of bright lights and good stories,
On a Personal Mission to End Family Violence Through Empowerment & Entrepreneurship
Business Advisor: Community Futures Yellowhead East
Not all businesses lend themselves to be franchised. I'm the same. My business is me and there's only one of me. Most service based businesses would be tough to franchise, though even then you could still franchise some.
For more tangeable businesses such as retail outlets it is definately an option in a lot of cases.