Monday, 23 July 2018

Information and commentary for the small business banking industry

Are your small business customers ready to franchise?

27 Jun

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.  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 there’s a good chance it can become a successful franchise.

When a business owner decides to become a franchisor they’re effectively balancing their time between the core business and the franchise. They’ll be able to create a faster-growing business by embracing growth and the technology that comes with it.

Review the business – the demand for what’s being sold,  systems and processes, and the business owner’s abilities as a leader – 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.

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