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“How to Franchise My Business” she said!
I am going to share with you how to franchise and some of the top reasons why it is a win for you if you have a business you are looking to franchise. Franchising my business was one of the best decisions I ever made. It was a steep learning curve, it wasn’t (and isn’t) always an easy road and I made many mistakes along the way. But that’s how we learn. Those hard lessons mean that I can now help business owners to not fall foul to the same as I help them to franchise their businesses and then grow their networks of franchisees.
Over the last decade, I have fallen head over heels in love with the franchise business model. You see it’s a model that can see you scale your business from SME to national, and even international, brand in a relatively short time period.
Scaling a business on this level whilst having ambassadors for your brand in the form of your franchise partners across the world may seem out of reach and somewhat daunting. However the franchise world facilitates this.
The model is truly a win:win:win. A win for the franchisor (the person franchising their business). A win for the franchisee (the person who buys a franchise to run in their local area). A win for the suppliers to that franchisor.
“How to Franchise My Business” she said!
Big Business Growth
Franchising means that other people will pay you for the right to operate your business model in their local area. Through franchising you can grow your business on a whole new scale! The first business I franchised was Dog First Aid. Through franchising I was able to quickly establish an asset in the business that was valued at a healthy 6 figure sum. I sold Dog First Aid a few years ago with a network of franchisees from the north of Scotland down to the Isle of Wight.
As well as running Franchise Business School and supporting franchisors and aspiring franchisors, I am now piloting another business to franchise called Wizziwoos Kids Clubs. I love the potential to go from one location with Wizziwoos to across the UK and then overseas.
It really is possible to go as big or small as you want to.
Help More People
Who do you help through your business? With Wizziwoos we help children unlock their full potential with a fun, financial education. By experiencing big business growth through franchising my business I will be able to help hundreds of thousands of children have the financial education that they need to help break the poverty cycle and improve mental well being in future generations. That sounds rather far-fetched I appreciate, however when you consider that over 1,960 British people report debt problems daily and people with financial difficulties are twice as likely to suffer from major depression, I don’t feel that it is.
Franchising your business and experiencing that scale can see the people your business helps grow exponentially.
Protect Your Business
A key part of franchising is protecting your business brand. The seed of franchising for the first time was planted with me when I sought some legal advice after having some copyright issues with course content. Protecting your business brand through franchising makes it really tricky for anyone to copy your stuff and benefit from all the blood, sweat and tears that you have put into building up your business.
Keeping Up With Demand
When you have built up a good business it can be hard to juggle all the many different hats you have to wear as a business owner. You have all the emails to answer, social media messages to respond to, invoices to raise, chasing people who haven’t paid, making payments to suppliers, calling back people who have left you answer phone messages, negotiating prices with suppliers, planning your marketing, scheduling posts on your social media platforms and so much more. This is of course all without taking into account doing the actual work ie providing the product or service to your customers. If you have lots of interest in your business it’s great – you’ve obviously found a winning formula. However if you are getting more work than you can keep up with, franchising your business can be an excellent way to keep up with demand.
Maintaining Service Levels
Bearing the above in mind, when you are running your own business and trying to keep up with demand, service levels can sometimes slip a little. We are all human and there are only a certain amount of hours in the day. Through franchising, you can set customer service systems and processes in place for your franchisees to ensure that the end users of your product or service always have an A* experience when dealing with your organisation.
A question I commonly get asked by people looking to franchise their business is, “what if they can’t do it as well as me?”. Actually franchisees are far more likely than staff to toe the line and go the extra mile because their livelihood depends on it. They take pride in their business. They also won’t be calling in sick or taking annual leave as an employee would because they are business owners in their own right under your brand umbrella.
Help Other People To Run A Business They Love
One of the things I hadn’t counted on when I franchised a business for the first time was the sheer joy it would give me to see other people transform their lives through implementing the business model that I had created. Franchisees take a leap of faith when they come on board. They often give up a job that they have been doing for years in order to run their own business with your brand. So brave! When you see them implement the systems and processes that you have put in place for them and grow their own business reaping the rewards that you did when you started yours is such a fabulous feeling.