When is the right time to consider franchising?
Answered by David Stafford from DC Strategy
There is no single statistic, timing or set of circumstances that will enable anyone to give a concise answer to this question. It depends on a number of key factors but asking yourself some of these questions is a starting point.
* Does the business have a proven cash flow and profitability or are we at the idea phase?
* Do we have a burning desire to build a larger business or do we want to stay the size we are now?
* Is it becoming increasingly difficult to find the quality and quantity of people to continue to growth business?
* Have we had any franchise enquiries that suggest people would be prepared to commit to this business?
*Have we reached a cross roads in the business where a key decision needs to be made about the future direction of the business?
* Are we ahead of the competition with our business and the consumer is suggesting we have growth options?
* Do we have the necessary capital to develop the franchise system professionally or is it too early and we are undercapitalised?
* Does the business have a proven cash flow and profitability or are we at the idea phase?
* Do we have a burning desire to build a larger business or do we want to stay the size we are now?
* Is it becoming increasingly difficult to find the quality and quantity of people to continue to growth business?
* Have we had any franchise enquiries that suggest people would be prepared to commit to this business?
*Have we reached a cross roads in the business where a key decision needs to be made about the future direction of the business?
* Are we ahead of the competition with our business and the consumer is suggesting we have growth options?
* Do we have the necessary capital to develop the franchise system professionally or is it too early and we are undercapitalised?
About David Stafford
David Stafford is the Executive Consultant at DC Strategy. DC Strategy is widely recognised as the region’s leading Strategy, Franchising and International consulting group. DCS has developed the networks and brands of many of the region’s most successful businesses.
You should always check independently that an ask an expert answer published on Franchise Business applies to your particular circumstances
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