Many franchises that are successful today started with a simple business that worked, and then turned almost a phenomenon. We’re talking about the franchises. The franchise is like a license to use branding and business technology in selling certain products or services of a company. But how to turn your business into a franchise?
Is it worth turning your business into a franchise?
And you must be wondering: Will my company be a franchise? Where to start? How much does it cost to turn my business into a franchise? Quite calm, even because some characteristics are necessary for your business to become a network. Now stay inside the steps before you get there, and how to get there!
You may have heard of many entrepreneurs who have become wealthy and even millionaires after they have turned their business into a franchise. One example is the owner of Cacau Show, Alexandre Costa, who now has more than 2 thousand franchises in the country. But success does not come by chance. A franchise requires a series of thoughtful assessments so that there is a professional management that actually guarantees the expected profits.
According to experts, to start your network and create franchises, it is necessary to analyze the current situation of your company. That is, the beginning of the work of transforming a company into franchise begins with the frankability analysis. Without a doubt , your business needs to have a differential so that it can be competitive in the market without it, it is more complicated to achieve success as a franchise.
And do not think that you need to have a recognized and great company to become a franchise. The Cacau Show is an example. Alexander began slowly. So know that even micro and small businesses can be excellent franchisors. But it is very important that you make a feasibility study of your plans to make sure that your company has the structure to become a franchising network. Even many small businesses have already succeeded as franchisers.
Is it difficult to turn my business into a franchise?
We can not say that any business can turn into a franchise. Let’s not deceive you! Making your business a franchise is a bureaucratic process. After all the self-analysis really pays off, and if you believe so, planning is needed.
But know that it is rather possible to transform your business if you are determined to expand your business into a franchise. Let’s get some tips:
Planning: Everything should be thought of in the franchise – of the attractions that will make customers compare to the partnership structure and costs for the unit’s good performance. Think about the brand’s potential for expansion. Do you offer something that is highly demanded by the market?
Details and Advocate: Do not think you will do it all alone. Therefore, it is essential to write all the steps and the processes of the operation. This requires time and attention at all stages. And very important, hire a lawyer! This is because all franchises need to have very specific documents. It is necessary to prepare the Franchise Offering Circular (COF) and the franchise agreement.
How much does it cost to turn my business into a franchise?
Let’s be realistic. Even if you have a knowledge of franchises, turning your business into a franchise may not come out too cheap and so many small businesses end up leaving that idea behind. The value can exceed 50 thousand reais, but everything depends on the business. We can not generalize.
Even though there is a lot of material available for you to do this yourself, even considering the work hours used to turn a business into a franchise, it may be above the capacity of many companies. But that does not mean it’s impossible! Remember this phrase: “Do not wait for ideal circumstances, they never arrive.” Janet Erskine Stuart, 1882.
In the blog we have many other articles related to franchises, see the listing below if you even want to transform your business:
1. Financial leases for sale of loans
2. Franchises and Franchisors to be or not to be?
3. Franchises – the best franchises for investment
4. Franchises – Work From Home and Make Money
5. Home Based Franchises – Be Your Own Boss Without Leaving Home
6. Business Loan Ways to Boost Your Business
7. 5 Things to Know Before Financing the Franchise Purchase
8. How to get credit line to open franchise
9. What investment cost to open franchise in Brazil?
However, it is worth mentioning that if you have a lucrative business and are able to hire a good consulting firm to help you in the formatting process, do not think twice about following this path. You can even invest now, but know that return can bring a lot of money to your account, and how! Imagine how many franchise creators are millionaires?
Of course, franking can be a surefire step in expanding your business, but you need investments. However, imagine having the brand of a company scattered throughout the country, is it fantastic? Think about it! And if this is your dream, take a chance with caution when turning your business into a network of franchises!