Are You Ready to Franchise?

We've been in this industry a long time? We've worked to turn dozens of concepts into franchises. We've used our own money, taken out loans, and gone all in several times. We've been in your shoes and felt your pain. Franchising can be a great business model. It can also be a nightmare if you aren't prepared. If you think your brand is ready to franchise, below are several things that should be happening.

How you know you're ready to franchise your business.

There is interest.
1. People have asked you if/when you are going to franchise.
2. You should have several people in mind that you think will make great franchisees.
3. Your first 3-5 deals should be completely organic. (True fans)
Your existing business makes enough money that you don’t need franchise revenue.
1. The absolute worst reason to franchise is because you don’t make enough money with a single location.
2. If it isn’t worth your time, it won’t be worth your franchisee’s time.
You don’t have competitors, or you offer something that is genuinely better than your competitors.
1. You have a better brand, product, marketing strategy, etc.
2. No one will ever think your brand is as cool as you do!
3. Remember that “customer experience” is difficult to replicate.
You have a great story.
1. Again, no one will ever think your brand is as cool as you do, but you’ll still need something to emotionally draw people to your brand.
Your current business can operate without you involved day to day.
1. This is important for two reasons:
  1. It shows that your procedures are dialed in.
  2. It allows you the time necessary to be a franchisor. (Spoiler: you'll need a lot of time.)
You’re ok being the goat.
1. I’m not talking about the Tom Brady G.O.A.T, rather the target of all criticism.
2. Success is all because of them, failure is all because of you!

* If you are working with a coach, consultant, attorney, or anyone else that is "helping" you franchise, they should be diving deep into these questions. If they aren't, you shouldn't be working with them. Really, you should run.