Make sure you have enough money to pay them, but not just this you also need to have a good amount of working capital to keep the business up and running until the first few franchise sales are achieved. If you are sure that you have ample capital, then your business is a good candidate for franchising.

Could my product or service make a profit in the city where I start my business?

Investors looking to invest in a franchise, will want the products or services to withstand in the market for a long term, so that they can make good profits out of it. If your business is limited to only one locality, then it is inappropriate for ​global franchising. However, if your business can adapt to a varied location, then franchising is the best choice for you.

Can my business be reproduced by a novice business owner?

You should be able to demonstrate your business properly to the investor in order to run a ​successful franchise business. If your business success lies only you working on it or because of a specific team, then franchising is not the right option. Nonetheless, if you can teach a person with no industry knowledge about your business and they can uplift and reproduce your business, then you can consider franchising your business.

Will I get benefited by franchising my business?Usually few franchises offer less of returns, as you will get only a fixed negotiation fee and you need to put alongside the cost for marketing and supporting the franchise. So, look for other choices, where you will get the utmost benefits by ​expanding business. However, for some business franchising is the best way to expand across the globe. If you are sure you will get benefited by franchising, then go for it.

Do I have the time to support the franchise?

Your work doesn’t end once you launch the ​global franchise. ​A common mistake most emerging franchises make is failing to look after the launch of the ​franchise business. Your presence and guidance should be present all the time to achieve success in the franchising business. Only your support to the franchises can ensure a good result. If you can not afford your time, then franchising is not the right choice for your business.

Do I have the correct mindset to become a franchisor?

Taking up a franchisor role is not easy. There will be many unexpected ups and downs especially during the beginning stage of franchising. You should have a positive mindset to approach investors and explain the business model properly. You need to withstand some hard knocks, willing to experiment with new things. Sometimes, you can be a One-Man Army running the entire process. You are the backbone for your ​franchise business, ​so it’s important to take a hard look at your own self before taking a step onto the franchising roller coaster!

Are there existing franchise competitors in the market?

If your answer to this question is yes, then your business can opt for franchising. Franchise competitors in the same industry indicate that your business has the potential to grow and can have success in ​international franchising.

Do I have a clear vision of my business?

You should have a clear cut view of your business and a proper business plan before you consider to expand business globally. It is all about how your product or service will stand out among the crowd and reach a range of geographical locations. If you have a perfect business plan, then you can consider franchising your business.

If your answer to all the questions is “yes”, then your business is all set for global franchising. Francat.co.in, as an ​international franchise consultancy firm will help you in all aspects of franchising right from the franchisee recruitment process till launching your business globally. You can reach us at +91 9844445777 and our dedicated team will guide you the best.