Grow Your Business (Part 2) by Robert Finkelstein

Grow Your BusinessSo you want to expand your business? There’s lots of ways of doing it. The first option we discussed was opening a new location. No matter what you decide, make sure you’ve done your homework. If you’re running a successful business, I’d like you to keep it that way. Next up…franchising.

Franchise
FranchiseIf you’ve created a terrific brand and a very thorough operating systems…I mean, you’ve got it down, literally…on paper…this might be the way to go. Have you had experiencing with franchising? Ever owned one? Know someone who does? I would recommend networking with people in the franchising community. Find yourself a mentor, someone who’s successfully done what you’re considering doing now. You’ll want to become a member of the IFA, International Franchise Association. You’ll want a good franchise attorney, and probably a franchise broker too. The latter is used by more than half of all franchisers, and account for more than 10% of all sales. In other words, you’re going to need to do some research.

FranchisesSo if this seems like the route you want to take, you’ll need to streamline all your internal systems and marketing materials. Look at as if it was your company in a box. If you gave it to someone, could they open it, find the instructions and get started. Kind of a plug-and-play system. The more complicated you make it, the less appealing it becomes.

In order to successfully franchise you’re busy, you need to be ready, willing and able to grow your vision, remain a strong leader of the company and brand, and keep a keen focus on your goals.

If you have any questions or comments,
please write them below or email me at Robert@RobertFinkelstein.com.

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