Should I Franchise My Business Myself?Posted on: Sunday, 11 March 2018 5:18 pm
If you’re thinking of franchising you may be thinking why not simply do it yourself? After all, how hard can it be? Franchising isn’t rocket science that’s for sure, but if it was that easy then the UK would be littered with franchises. We have over 4 million businesses in the UK and according to the last BFA/NatWest survey only around 950 franchise models exist. That’s not many franchises in a such a huge pool of businesses?
Like anything in life, you get what you pay for. Creating your own franchise can often mean you miss out on key parts of the franchising process. Take the franchising modeling report that The Franchise Company develop for its clients as part of the first stage of a franchise project. The purpose of this report is to create a blueprint for the franchise. If you don’t have a blueprint, then how will you transfer your business model to a new individual? The modeling report also acts as a document to help with the franchise agreement, the franchise brochure, and the franchise operations manual. And that’s before we’ve developed any of these documents!
Yes, you could franchise yourself, but the time and effort you put into such an activity won’t give you the professional results that prospective franchisees are looking for. If they’re investing their money with you, they expect a professional approach that chimes with current UK franchise practices. And without the help and advice of franchise consultants (who have worked with clients doing the same process over and over again), you won’t be able to utilise the best aspects of franchising to ensure your businesses success.
So next time you're tempted to create your own franchise, remember that the help of an expert will give you the best possible outcome. And increase your chances of growing a strong successful franchise network that becomes a huge capital asset!