You own a successful business operating with one or a few locations and are ready to expand, do you open more locations yourself? Do you take on partners? Do you franchise your business? Franchising offers an effective route into building a national network without requiring the management infrastructure, time and capital investment of company-owned expansion.
You use your existing business as a blueprint for expansion. But instead of setting up and running new outlets yourself, you find independent franchisees who set up their own business using your blueprint.
The franchisees will finance and manage their businesses themselves, but pay you fees for the right to use your blueprint. This will allow your business to grow faster and give a better return on capital, than if you own all the outlets yourself. Some of the best know companies in the world have become household names by franchising their business.
As business owners, we all must recognise the times are changing. Look around you and consider the businesses that are chains and those that are not. Also notice which ones are the busiest. This will tell you what we mean. If you are to succeed in business today, you must be aggressive, decisive and willing to grow in order to survive today. We are not saying you have to build a gigantic national company. Just think of the income that could be produced if you had 5, 10, 15 or more outlets doing exactly what you are doing – and pay you royalties for it.
In Cyprus, franchising should not be seen as a testing ground for a brand new business idea but as a means of expanding and already successful business.
Expansion is a vital and nesessary part of owning a business. As is the case with your home, family and every other aspect of your life where you provide necessities, you must also provide for your business growth. We consult with hundreds of people and surprisingly the number the underestimate their business and do not a vision for the future is staggering.
For the right business models and management teams, franchising can provide an unmatched ability to grow quickly, efficiently and profitably. But not every successful business can or should be franchised.
We offer strategic business advice to potential franchisors and we can help answer questions such as:
- Is my business ready for franchising?
- How do I structure my business to protect assets and minimise income tax?
- How do I go about franchising my business and what steps do I need to take?
- What fees should I charge franchisees?
- How profitable will franchising be?
- What are the disadvantages?
You should also consider the following:
Can your operation be differentiated from other franchises by its products, services or marketing? Can your concept be adapted for other locations or as times change? Do you have a business model that is easy to learn and implement? Does your business have ROI potential? If you can answer yes to all of these questions, you could be on your way to becoming the next franchise king or queen.
Honestly, if you are to succeed in business, and going into franchising for that matter, you must be able to compete and in competing you must be able to beat your competition. You may be asking “How do I beat my competition?”.
How to beat your competition.
These days you can only beat your competition in one of four ways:
- Pricing
- Exposure
- Location
- Or Aggressiveness
The more of these means by which you do beat your competition the better. Your goal should be to win in each category. The big question is how can you do it in a combined approach that gives you an advantage in as many of these areas as possible.
That answer is only ONE:
Expand into more outlets. By having more outlets, you combine efforts and results because:
Reason
- More outlets gives you more buying power leading to lower prices to customer.
- More outlets gives you exposure
- More outlets gives more and better locations
Results
- You beat your competition in pricing.
- You beat your competition in exposure and more advertising.
- You beat your competition in convenience, exposure, locations, and aggressiveness.
We believe that if your business is “franchiseable” you should seriously consider this option. Becoming a franchisor is the fastest, most efficient and in most cases, the most cost-effective way to expand a business.
Many successful business owners investigate franchising for the following reasons:
- Increase market penetration and geographical reach.
- Franchising entails a far lower capital investment, compared with more traditional methods of opening company owned units.
- Franchisees provide most of the growth capital through franchise fees and royalty fees.
- The franchisee has a vested interest in making the business work and will generally be much more motivated than hired management.
- Many units can be opened in a short time which can eventually lead to brand name power.
We have the experience and professional resources you need to guide and support you on the path to becoming a successful franchisor. We are committed to working with you to build your business and enhance its presence in the market.With our methods and systems we have in place, the cost of expansion is not a factor anymore. Almost any business can expand through franchising or licensing with very little costs. You would hesitate if you were going to invest thousands upon thousands. However, when you can start immediately with a few thousand euros, then why not. You are usually profitable with the first additional outlet.
We can help in a number of ways.
Franchise Brokering
We work with quality candidates everyday exploring possible franchise opportunities. As a participating franchise opportunity we will present your opportunity when we believe we’ve found the right candidate.
Marketing and Advertising
We have experience in marketing, advertising and internet technologies which allows us to provide a comprehensive and cutting edge approach to the services we provide for franchisors in advising on marketing and advertising strategies.
If you are already confident that franchising is the right method of expansion for your business, we invite you to contact us to discuss your development needs and our services in more detail. You may also wish to review the Comprehensive services we provide for franchisors under our services.
Call us now to make your franchise a business success.
