One of the best and most effective ways to grow a business and see a major spike in profits is to turn it into a franchise.Â If you’ve got small business customers selling something that’s in high demand and with a business model that can be replicated, it could be an idea to suggest franchising to them as a path to high growth.
Businesses that successfully become franchises are those that have robust and efficient systems in place. If a business runs like a well-oiled machine with great systems and streamlined processes, including well-trained staff, then thereâ€™s a good chance it can become a successful franchise.
When a business owner decides to become a franchisor theyâ€™re effectively balancing their time between the core business and the franchise. Theyâ€™ll be able to create a faster-growing business by embracing growth and the technology that comes with it.
Review the business â€“ the demand for what’s being sold,Â systems and processes, and the business owner’s abilities as a leader â€“ and if they can tick those boxes then they business could well become a successful franchise and achieve a whole new level of growth.
Entrepreneur has an article on how to franchise your business in 7 steps which you could share with your small business customers.