Should I Franchise My Business?
When I first went into business back in the 1800s (that’s when you’re supposed to tell me I look great for a 200 year old! 🤣) I bought a franchise.
I’d done 19 years on the corporate treadmill, and I couldn’t wait to do something different.
I was absolutely certain that I didn’t want to work with corporate businesses in any way, shape, or form in the future. But I wasn’t sure how to translate my existing skills into something that would work for small businesses.
So, when I came across the idea of franchises it really floated my boat.
It was a great way to take the leap into running my own business but without having to completely start from scratch. A franchise gives you a ready-made business in a box. Things like your website and branding are already done. Your prices might have already been decided for you (because we all know what an absolute nightmare pricing in – especially in the early days of business where absolutely everything is based on your best guesses.)
The thing I liked most about joining a franchise was having a team in place, so there was always someone to bounce ideas off or ask for help. It’s fair to say I’m a talker! It’s how I think, how I plan, how I make my decisions. So having that team around me was seriously valuable.
Since then, I’ve been involved with quite a few franchises. Not as a franchise owner again, but as the coach to quite a few different franchisees. And I’ve also networked with 3 to 4 gazillion franchisees. So, it’s fair to say that I’ve seen the good, the bad and the ugly of franchises. Some are brilliant, supportive, well-run organisations.
Some are a complete shambles.
And thankfully most are somewhere in between.
In the last couple of years, I’ve used my knowledge of franchises to help 2 of my clients to franchise their own businesses. It can, without a doubt be an ambitious and very profitable way to grow your business.
It’s also a great opportunity to help more people to start their own businesses and work towards their own financial freedom.
And it gives you the chance to build a bigger team and leverage your knowledge and expertise.
But don’t make the mistake of thinking that it’s a doddle. Not that there are many things in business that are a doddle, but franchising definitely isn’t one of them!
That doesn’t mean you should rule it out though. It might be the perfect way to hit your ambitious growth plans. ‘Plans’ is the key word here though, because franchising needs a whole lot of planning.
So … where on earth do you start? Well of course I’m here with my usual magic wand to share some key tips to help you evaluate whether franchising could be the right option for you. 🪄
And that’s why this week’s video shares 6 key steps you can work through to decide whether franchising is the right option for you.
It’s an interesting thought process to work through, so even if you don’t think it’s right for you, I’d still encourage you to watch the video and see what juicy snippets you can steal from it!
And if you’d like to understand more about how I can support you to grow your own business take a look at the different ways I can support you here and then use the website contact page to book a chinwag with me: https://taylory.co.uk/how-i-can-support/
