Evaluate Your
Business
You can conduct a brief evaluation of
your business to get an idea of its franchisability. While
there are other factors that should be considered, this will give
you the basic criteria.
Don't worry about the answers being
right or wrong, most are for background information. Also, some of
these matters can be decided during the development process, but it
is good to start thinking about them now.
- How long have you been in business? (Does not need to be a
long time, but you should be established.)
- Is the business profitable? (Makes it easier to sell.)
- Are you selling a consumer service, a business service, a
food, a product, or other (describe)?
- Can your product or service be sold in other areas of your
state, and/or the country?
- What is the demand for the product or service?
- What is unique about what you do?
- Can others be trained to operate a similar business?
- Have you registered your name with your state? With the US
Patent Office? (If not, we can help you with this.)
- Do you have a URL and a web site? (We can also do this for
you.)
- Is the market for your product or service growing?
- What investment amount will be required for a franchisee to
begin business?
- Do you have an amount budgeted for franchise development
costs? (We work on a reasonable monthly fee basis, but you do need
a budgeted amount for this.)
- Who are your competitors?
- Who else is franchising in your industry? (This can sometimes
help establish the market, but is not necessary.)
- How much are you thinking of charging for the initial
franchise fee? (This can be decided later. We will help you with
it.)
- How many franchises do you plan to sell in 5 years? In 10
years? (Also can be decided later but good to think about.)
- In what geographic areas do you plan to sell and develop
franchises? Now? In five years? Long term? (You don't have to know
this now, but it is another matter to consider.)
- Are you prepared and willing to commit to the franchise
development process? (Once you start it is important that
you continue through the entire process, and it will take several
months.)
We look forward to assisting you!
Please call or e-mail us today for more
information.
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