Grow your franchise your way
Some entrepreneurs are looking to start a business that enables them to retire early. Others want to build a lasting legacy for their families. Whichever path you choose, I can help you plan for the future you want through service franchise ownership. Let’s take a look at what to consider when starting, growing and exiting your franchise.
When choosing a franchise, you’ll first want to determine what your goals look like. Your growth goals will affect things like how large of a territory you purchase or how much money you’re willing to invest. Here are a few other things you’ll want to factor into your decision.
- What are your lifestyle and monetary goals?
- How long is the franchise contract?
- How big of a team do you want?
- Would you consider renewing your franchise contract?
- When are you hoping to retire?
- Would you rather sell your business or leave it to someone you know?
Getting your growth on
Growing your business isn’t a happy accident. The most successful franchisees have strong business plans in place to grow at a manageable pace to keep from expanding too fast or too slow. Keep these tips in mind when developing your franchise.
- Rely on your franchisor and fellow franchisees for guidance
- Don’t be afraid to go out and network
- Invest time and resources into local marketing
- Build a solid team to support you
- Focus on perfecting operations before expanding
- Consider expanding into neighboring territories
Whether you’re looking to sell your franchise somewhere down the road or hope to pass along ownership to a family member, you should have a concrete strategy in place for when you’re ready to exit the franchise.
- Establish an exit goal—like selling or transitioning ownership
- Determine when you would like to exit the franchise
- Decide if you will have any involvement with the business after the transition
- Consult with a trusted advisor such as an accountant or lawyer
- Factor in the tax implications for each type of exit
- Consult important facts, figures, data and information to present to buyers