Expanding a franchise

Expanding a franchise is crucial for a healthy business. A growing franchise is a thriving franchise, while a franchise that has reached a plateau will go downhill fast.

Franchise expansion assists those stakeholders of the business to regularly assess the franchise’s progress in regards to business goals and provides ample motivation for all parties involved.

Both franchisors and franchisees are able to grow their franchises: franchisors are able to take on new franchisees, while franchisees have the option of purchasing or establishing new franchises or taking on the responsibility of Master Franchisees.

However, not all franchise growth is external. Brand image upgrades, a store renovation or the introduction of new products or services all account for internal growth.

It is necessary for a franchise to look at its current finances, as well as to take a look at is staff and stock. Market research may be included to assess the existing and prospective market of a product. A franchise review can be carried out to ascertain a franchise’s ability to launch a new product or service without this event having a detrimental impact upon the remainder of the business.

A respected and trusted financial institution with a specialist franchise team will be able to offer ample advice and support for a franchise that is set to grow.

Read more about buying a franchise and running a franchise.

The Franchise Council of Australia is a not for profit membership organisation that is the peak body representing the franchising sector in Australia.