Business Franchise (Autumn 23)

In this edition of Business Franchise (Autumn 23) we ask if you could franchise your business.

Our consultant Phil Mowat explains what is needed to franchise a business, in particular what criteria a business needs to be franchisable. Could you be ready to take your business to next level? Read on to discover more.

Read the article and also access the whole magazine in digital form.

Franchising your own business can be a powerful way to expand your brand and increase revenue, but it requires careful planning and execution. Here are some alternative tips to consider when franchising your business:

Business Model and Preparation

Perfect Your Business Model:

Consistency and reliability in your operations are key.

Develop a Comprehensive Operations Manual:

Create a detailed operations manual that covers every aspect of running the franchise. This should include daily operations, customer service standards, marketing guidelines, and troubleshooting tips.

Standardise Training Programs:

Develop a robust training program. Include initial training as well as ongoing educational opportunities to ensure consistency and quality across all future franchise locations.

Marketing and Recruitment

Build a Strong Brand Identity:

Focus on establishing a strong and consistent brand identity. Your brand should be easily recognisable and associated with quality and reliability.

Innovation and Growth

Stay Innovative and Adaptable:

Continuously seek ways to improve and innovate your business model.

Adapt to Market Trends:

Stay informed about industry trends and consumer preferences. Be ready to adapt your offerings and business practices to meet changing demands.

Risk Management and Feedback

Manage Risks Effectively:

Identify potential risks and create contingency plans to address them. This includes financial risks, operational challenges, and market fluctuations.

Technology and Efficiency

Leverage Technology:

Utilise technology to streamline operations, enhance communication, and improve efficiency.

Optimise Supply Chain Management:

Ensure that your supply chain is efficient and reliable. Negotiate favourable terms with suppliers and streamline logistics to support your franchise network effectively.

By considering these alternative tips, you can create a solid foundation for franchising your business, ensuring sustainable growth and success while maintaining the integrity and quality of your brand.