While an incredibly viable vehicle for growth, franchising isn't an easy, cut-and-dry option for every business looking to scale. Unfortunately, many brands view it as such and end up jumping into the process too fast.
Entrepreneurs interested in dipping their toe in the franchise waters should evaluate their business by asking themselves these key questions before diving in: Are your sales and structure sound? How well do you know yourself? Are you willing to invest in the experts?
In an article for Forbes, SMB Franchise Advisors President and CEO Steve Beagelman writes, "Once you have mastered operations and proven your business is financially fit to be franchised, the actual process can begin. At this point, it is wise to consider hire the proper professionals to guide you through the process of developing your franchise model and preparing your franchise disclosure document. Remember, you are an expert in your field, but the heavily regulated franchise industry makes navigating its waters difficult for newcomers."
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