Franchising can be a very effective method of quickly growing your business with minimal investment required in new premises, equipment and people. The franchisees actually fund the expansion of the business. Franchising gives a business the potential for full national coverage as well as significantly growing the capital value of the business. If you want to franchise your business you can also visit this site.
One of the biggest problems for a business that is expanding is finding the right employees to take the business forward. The beauty of franchising is that you get highly committed, capable and motivated individuals who put their own money up to buy a franchise and work in it full time. They are 100% focused on making it work and follow your systems and processes to ensure their success. This also guarantees good quality control and service for customers and clients.
The possibilities for franchising are endless too. Over 80 different industries use franchising to get their goods and services to the market place.
There are six main income streams that can occur from franchising your business. Depending on the products and services that your business offers you will benefit from some or all of these income streams which can be seen below:
1. Upfront Franchise Fee
2. Management Fee
3. % of turnover
4. Supply of goods
5. Backend products and services
6. Volume discounts
The more successful your franchisees are the more likely you are to sell more franchises. Once potential franchisees can see a number of other franchisees who are doing well this will help them make their mind up to buy your franchise.