These days, there are franchises for just about every product or service you can think of – fast food, cleaning, clothing, petrol, bookkeeping, gardening, dog walking, dog grooming – you name it, and someone is probably franchising it somewhere!
But not every successful business model can necessarily translate to franchising. Here we list a few of the major traits that are required for a business to be ‘franchisable’.
- A good track record – if it is going to offer a great system to franchisees, the business needs to be profitable and credible itself. Franchising will not fix a business that is failing.
- A repeatable system – one that can be successfully replicated over and over and that is not too hard for others to learn and apply.
- Support and training – franchisees do not want to be treated like employees, but neither should they be just left to their own devices. A good franchisor will offer plenty of support and training to their franchisees. After all, it is in their own interests to do so!
- Good brand awareness – the business should have a brand that is known or that has strategies in place for improving awareness.
Janine Allis, founder of Boost Juice, has a number of top tips on what makes a good franchise. These include the franchise needing to represent a profitable business opportunity for franchisees, having successful and happy franchisees, the use of the number of franchised units to leverage greater buying power for franchisees, and good marketing and branding strategies.