In Myanmar you can now enjoy a number of international franchises from all over the world. As the franchise market of international franchises heats up and we await the arrival of Starbucks and others, it’s good to think about if your business you are running right now is a good candidate to be a franchise.
Can your business be franchised?
You can easily search online to see if your business is the type of business that is often franchised. Most people only think of restaurants when they are thinking of franchising but there are many different categories. To name a few: travel and tourism, education, retail, mechanic shops, cleaning services, and others. See if your business is in a category that is normally franchised and then you’ll know.
The other thing is that your business should be a successfully profitable model before you decide to franchise it. If you can’t make your business profitable, then how is your franchisee going to make it profitable. Franchising your business isn’t a way to make a business model that isn’t profitable.
What Model Will You Use?
Business models are the way the business is set up to make money. Make sure your model is able to be easily duplicated by the franchisee. This is key to the success of their business and in turn the success of your brand. You will need to look into what you will offer them i.e. marketing, training, manuals. In turn what are they giving you i.e. franchise fees, royalties, purchasing raw materials through you, etc.
For more the other 5 steps about turning your business into a franchise, go to the link.