Did you know there are over 75 different business categories that utilize franchising as the method to expand their business?
In one way or another, virtually every business form you can imagine relies on franchising. In most cases, though, there are a few important commonalities between all franchises that help them succeed. Take the following quick test to see if franchising might be right for your business.
Does your business have a track record of success?
Can your business be trained to other people who would have a good chance to succeed?
Have you tested your concept in more than one location?
Have you heard from your consumers that they wish you were in other locations or ask you if you are a franchise?
Does your concept have “sizzle”? In other words, does your concept have unique offerings or methods that would be appealing to consumers in a way that is superior to your competitors?
Could you train someone to run your business in less than 30 days?
Are you profitable?
While there are always variables and sometimes exceptions, if you took this quiz and answered “YES” to 5 or more of the questions, chances are you may be sitting on the next big franchise idea!
While this quiz is a good initial indicator, there may be many other considerations depending on your type of business. BrandChise® can discuss with you services that help you properly analyze your franchise feasibility.