When should you Franchise your Business in India?
Legally there is no timeline which you need to follow to start franchising. You may think of an idea and decide on to go on with a franchising model. Thus, there is no specific formula that helps you decide whether your business is ready to be franchised or not as every business has its own development or growth period.
There are certain parameters that you may want to consider before taking this decision:
1. Check if your business concept can be replicated?
2. Do you have a proven working model of your business concept?
3. If it is just an idea then do you think you have some differentiating factor to offer to a franchisee?
4. Have you developed expertise in operational procedure which can be transferred to the Franchisee?
5. Have you created a brand name which on its own will attract customers?
6. Do you have a product or service which will attract customers?
7. Do you think this business will deliver a good return on investment for a franchise?
8. Is the business suited for different geographic locations and cultures?
9. Are you yourself ready to take the risk of expansion of your Brand and not only expecting the franchisee to take the entire risk?
10. Do you have any store which is showing magnificent performance and generating revenue for you?
11. Are you willing to spend time and money on marketing your brand and promoting it?
12. Does your franchise model offer good business learning to the franchisee so that he also learns while he earns?
If the answer to some of these questions is in affirmative then you may choose to go ahead with franchising.