I’ve been involved in franchising a bunch of businesses, at previous count over 60. A few from concept and several where we converted a current business to the franchised model and I am really happy to deal with either pathway with one vital proviso. business credit line
The business owner should have a fair understanding on what must be done to run a business successfully – franchised or not.
And however I have deducted this is easier said than done.
Done well, franchising helps to structure a business in order that it has the best chance of success because franchising helps to infuse great business methods in position. Systems and money management being at the top of checklist. Yet overall, I have found that in most businesses, there are some aspects about business success which need to be analyzed and without sound business experience, creating an operation is not likely to succeed.
Focusing on how business works is especially important, because you, as franchisor, will often be training less business savvy-franchisees on successful business practice.
The most useful way I have found to think about business success is to look at the stages of business growth since it is through this journey that numerous learn the value of different business skills needed as they grow.
The 5 Stages of Organization Growth
Back in the early 1980’s, the idea that businesses grow through defined stages was first discussed within an article published in Forbes by Neil C. Churchill and Virginia L. Lewis. This kind of work is still offered to make clear the value of basic business elements to success.
Before I type in the 5 stages, there is one important point to make.
Businesses do not necessarily need to go through each stage. This is possible to rate through stages into no matter which is your goal. The right way to do this is to understand precisely what is required. This is how the likes of Rich Branson create new businesses everyday – Richard will have the ability to his business ducks in a row before this individual starts. But even his businesses will need to go through many of these phases on the way to creating an empire.