Are your small business customers ready to franchise?

Are your small business customers ready to franchise?

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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Glen Senior
Glen Senior

CEO Glen Senior has been helping small businesses start and grow since 1989. Along the way, he has published 6 books on small business development and business planning, created training courses, built e-learning platforms, and developed Microsoft USA’s Small Business Plus program which was delivered into 9 countries.Since 2005 Glen has focused on the banking sector and has built up an extensive knowledge of how banks can engage with the small business segment. He has presented at a number of small business banking conferences and is sought out as an opinion leader in this space.