Scaling your business requires a Franchise System
Have you ever considered how big you want your business to be some day? I bet you have.
I’ve heard it said that when you start a business, you should start it with an exit plan. Meaning, you should build your business so it’s ready to sell some day.
To many business owners, that’s like having a baby with the idea of putting him/her up for adoption some day. It simply does not compute in the young mother’s/father’s (business owners) mind.
So here’s a better thought…
Build your business as if you’re going to turn it into a franchise some day.
While franchising is not required to grow your business, a franchising system is. Let me explain.
In order for your business to grow, you must have systems in place. You must have everything and more listed below before you can even consider growing your business. These basic needs are required from day one for any business. That is if you want to actually make a profit some day, let along grow.
And rather you want to grow your business or not, having a franchise model in place will certainly make your life as a business owners so much easier.
Here’s a few things to consider about setting up a franchise system within your business.
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
Business Format Franchise
The business format franchise came from an earlier model called the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing right’s. Now franchise owners have owning rights to the entire business including systems. This has allowed for a shift in focus to go from the quality and name recognition of the products carrying the business to sales techniques that carry the business.
The Franchise Prototype
It was really the franchise prototypes that allowed for the changes to be made that help today’s franchises really shine with the techniques developed by the owners instead of the corporation. This can make a significant difference in the success of the franchise as the owner can custom tailor their marketing and promotions to the direct needs of their local target customers.
Franchise Prototype Standards
Now, the above being said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action set up to ensure the prospective success of the business. So, there are a few standards that are put into place that helps jump-start the process of opening a successful franchise.
Build model of prospective customers/clients, suppliers, creditors and employees who will consistently offer high quality work.
- Build a user-friendly model that can be used by individuals of any skill set.
- Build a defect-free model.
- Build a model with Operations Manuals.
- Build a model that will provide guaranteed, consistent results.
- Build a model that encompasses the same branding in color, dress and facilities codes.
These are all ways the parent corporation makes sure their brand stays the same and in the front of the minds of customers. When you are purchasing a widely-known brand you will attract customers just for being you.
If you’re having trouble rapping your head around this idea, I have several training videos in my eLearning System that will go in much deeper detail.
Take a guided tour of my system at Abundance & Prosperity Business Mastery eLearning System.
Then book a Live Business Breakthrough Session with me. I know I can find $10k to $50 or more in your business in just 45 minutes. Put me to the test.