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Is your business at a point where you’ve considered franchising? It’s a good profit-bearing practice that takes the stress out of dealing with investors. On the other hand, it can be difficult to know whether you or your business is truly qualified to franchise. Here are some qualifiers to consider:
Marketability for franchising
Your business has to reach some middle-ground between being unique in today’s market, while also attracting enough demand. Demand can vary heavily by region. For example, a natural foods restaurant will probably be more popular on the West Coast than in the Southeast U.S.
Have you done your franchise research?
To determine marketability, it’s important to do your research. This can be more formal, using government agencies and published research papers. It can also be informal: explore Yelp reviews, online business directories, and social media activity. Another option is to put the obligation of research on your potential franchisees. Require that a potential franchisee conducts a market research report before qualifying to obtain a franchise license from you.
Analyze your personality as a business owner
To franchise your business, you have to be in charge while also giving your franchisees the freedom to operate their own business. It’s different from managing a team of employees. It requires a unique type of leadership, where the boundaries aren’t always clear.
Tandem: The Payment Processing Partner for Growing Businesses
There is a lot to consider when it comes to the idea of franchising your business. The last thing you want to think about are the details, like who your payment processing partner is going to be. When the time comes, Tandem is a great resource for small and mid-sized growing businesses that are seeking personalized service at an affordable rate.