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How To Franchise A Business
Guide To Franchising Your Business Concept
If your business is experiencing growth, and the business model can be streamlined and replicated, you might consider franchising your operation to increase both expansion and revenue.
Many entrepreneurs think that franchises come from big corporations, but even small business owners can turn their companies into franchises. That is why we have created this franchising resource to help assist you with the process of how to franchise a business.
The Simpler The Better
Franchise experts advise that when looking to franchise your business, the operation model must not only be simple and streamlined, but it must also be teachable. If you eliminate the hard lessons learned when taking the leap into business ownership, could our business be taught and successfully duplicated in many locations without decreasing your brand’s reputation? These are some of the hard questions to ask yourself when franchising your business.
Market Research
When looking to franchise a business, it helps to do thorough market research to see if there is a demand outside of your immediate location. Many entrepreneurs have made the costly mistake of pouring money into franchising their own companies, only to find out they are not viable in other locations.
Logistics
Most franchises require supplies, equipment, training, and marketing – most of which is provided by the franchisor or suppliers that are partnered with the franchisor. If you can work out viable logistics to provide the same supply lines to another location, then you can take the next steps in franchising your own business.
State & Federal Guidelines
When franchising your own business, there are state and federal guidelines that business owners must adhere to, especially when potential candidates want to open franchise operations across state lines. Some states require an ongoing relationship, and they can limit the number of franchises open in a given area, and may terminate renewal contracts as they see fit.
Taking On Additional Costs
While it is true that franchise candidates put up the money to open an operation, there are also additional costs that the original business must consider. When franchising a business, there a attorneys, accountants, and insurance fees involved in turning a single operation into a franchise business. The Small Business Administration advises that business owners should be prepared to spend at least $250K in additional costs to turn a business into a franchise.
The Advantages Of Franchising A Business
The advantages to franchising your business are many, most importantly being able to expand and increase revenue by having franchises in multiple locations. At a unit level, franchisors really do not experience any startup costs, as the franchisees supply the working capital needed to open a franchise. This also greatly reduces the risk involved in approving new franchise locations. Similarly, financing a new franchise – leasing property, utilities, overhead, staff salaries, etc. – falls on the franchisee, which also translates to little or no out of pocket investment on the part of the parent company. Because of this low risk, the return on investment is significantly higher when franchising a business and letting other emerging entrepreneurs open franchises in multiple locations. The overall process increases brand visibility, advertising, and revenue – all at virtually no cost to the franchisor.
Business Opportunity Similar To A Franchise
When it comes to business opportunities that offer the support network and training of a franchise, but with a very low investment cost plus the freedom to brand yourself and control your own business, The Commercial Capital Training Group (CCTG) consistently delivers.
CCTG trains people become commercial finance professionals, and the income potential if virtually limitless, with the added benefits of being able to work from home, on your own schedule. CCTG teaches people how to help entrepreneurs and lenders reach financial agreements, and then take a broker’s fee (usually a small percentage of the total lending agreement – which can be many tens of thousands of dollars), as well as any residual revenue, in order to achieve financial independence.
If you want the knowledge and skills that a franchise can provide, with the freedom that comes with owning your own business, then The Commercial Capital Training Group is probably the best fit to help you on the road to success.
Further Reading
Business Opportunity Better Than A Franchise
For emerging entrepreneurs who want the thorough training and support that franchise opportunities offer, combined with the freedom to set their own hours and work from home – without having to pay royalty fees or a high overhead – then the Commercial Capital Training Group (CCTG) might be the ideal choice. CCTG prides itself on taking people – many without any industry experience – and giving them the tools and training to become commercial finance entrepreneurs. CCTG offers a low investment opportunity with high margin returns, and our team of financial experts is available day and night to offer assistance an advice so graduates can get business owners the financing they need, and make a healthy profit in the process. If you are thinking about franchise opportunities, but want the freedom to create your own brand and achieve financial independence, consider the Commercial Capital Training Group as your next career move to take control of your wealth.
Further Reading