What are the benefits of franchising my business?

Any business that operates as a branch network, and which wants to grow either nationally or internationally, should at least consider franchising as one of the options. A well-developed franchising structure means you can grow more quickly, with less direct investment from yourselves and greater involvement and enthusiasm from the people who own and operate the outlets.  If you already have a large branch network, you can also use franchising to your advantage by converting your existing managers to franchisees. Another form of ‘conversion franchising’ is to convert an independent operator to your operate under your brand. The benefits here are three-fold - you get a franchisee and a location all in one go and you take a competitor out of the market.  But here’s a major warning. Developing a franchised network requires some initial investment, so don’t do any of the above without the advice and involvement of a franchise consultant who specialises in the assessment and development of franchised networks. If you fail to spot some of the pitfalls, your entire business could fail and you will be left with nothing.