If you’re an entrepreneur who has been involved in developing a successful start-up, the next step you probably want to explore is how to grow your business. Much, of course, depends on the sector your business is in and the model you use.

One of the key options where growth can be achieved for many businesses is the opening of a franchise opportunity. By inviting motivated people to invest in the company brand and providing the support they need to open new outlets, you can achieve quick and meaningful growth.

While there are pros and cons for the franchise model, it remains a stable and sustainable method of achieving growth, often within a much shorter space of time than other options. There are normally a few reasons why entrepreneurs go down this route:

  • First, they want to achieve relatively quick growth, particularly if they are looking to build their business into a national or even international brand.
  • Secondly, growth can be expensive and franchising offers the opportunity to expand without the need for huge amounts of capital on the part of the entrepreneur. Franchisees contribute to the finances and you therefore avoid the potential of getting into too much debt.
  • If you have a good franchise opportunity and can attract the right people, you are more likely to retain them in your business than if you were simply looking for a manager or someone to run your next store. They have a vested interest in your development and get rewarded for taking the business forward. In other words, they’re a lot more motivated.
  • Opening more units and expanding your business not only takes money, it takes a lot of time. If you can hand over that development to dedicated franchisees who are onboard and motivated, it can save time in finding the right people, the financing and the right premises for your next outlet. While, as the franchise owner, you will need to help and support them along the way, the franchisees will be doing most of the ‘heavy lifting’ which saves time and effort.

Of course, franchising is not for everyone and it requires having the right processes and procedures in place which will hopefully ensure success. You have to choose the right franchisees for a start and understand what kind of support and guidance you must provide so they have every opportunity to succeed. You need to have an established business that is ready for growth and you certainly need to have marketing and branding in place that can be replicated relatively easily.

Navigating the pathway to a successful franchise can be difficult and challenging but, once achieved, it can provide enormous rewards. It’s always important, as with any major business development to get the right advice. It means understanding how your business fits into the franchise model and making an informed decision on whether this is the right route for better growth.

Len Rainford is a franchise specialist with over 30 years’ experience helping businesses explore the potential opportunities. Contact him today to discuss how franchising can impact on your business and help you grow for the future.