Your business is going well, it’s making money!!! YAY!! Now you are ready to expand?! That is a great feeling. Will you open a second location or will you franchise? Franchising means that someone else will be operating the business, but you own the brand and get a percentage of the sales.
Whether you become a franchisor or if you decide to open the next location alone it will require a lot of work! Many think that franchising is an easier way to allow someone else to do the hard work, but still have the financial benefits. It’s not so simple! Here are a few things to consider when determining if you indeed are ready to franchise your business:
1. COSTS: Do not underestimate the costs associated with franchising. Although franchising can help your business earn higher revenue, it can also cause you to sink into a huge hole if you are not realistic about the costs. A legal team to ensure your franchise agreement is solid, accounting team to ensure pricing models and potential profit and loss statements are all in your best interest, marketing to ensure that people know about the new locations…the list goes on! Be sure that you cover all aspects of exactly how much this next level will cost you. It may cause you to lose money for awhile…are you prepared for that?
2. PLAN: You need a plan. Where do you want the franchise locations? What radius will each location cover? Do you want to remain local? Nationwide? Maybe even global? How will you go about doing this? What type and how long will the training be for the franchisees? What type of royalty percentage and franchise fee will you receive? There are so many things to consider and so many elements which require a plan. A poor plan can cost your business a significant amount of money!
3. BE READY TO SAY NO: Regardless of the number of franchisees you have this will always be your brand…aka your baby. You have to protect your baby as you would with any small child. Some may have an interest, but they may not be a good fit. They may have a great location in an area in which you want to expand and have the money to get started. You worked hard to build this brand. The last thing you should ever do is to allow someone to throw money in your face, improperly represent your brand and destroy what you have worked so hard to build.
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Happy Wednesday Lovelies!!!
I hope you are doing well. As for me…I am great. Myself and my business is just going through a slight transition period. Transition indicates change and change can be good! I am excited about all the new things and people that are coming into my life…all confirming that the change is right on time!
I have been wrestling with this for some time. I’ve been praying and had some sleepless nights trying to determine what was best for my business (and ME!) I LOVE what I do…helping others create powerful brands and helping them legally protect them. It makes me so happy! So what’s the issue, Lenise (I bet that was your question…lol) The issue is that I have been working with people one-on-one pouring all that I have into them sometimes allllll day! I’ve had days where I had calls/Skype sessions back to back to back. I am literally tied to my phone/computer all the time.
I am truly a creator at heart. I feel that if I was not tied to my devices all day I can have a greater impact on female entrepreneurs. I can create more digital products, I can write more books, I can speak to more audiences about entrepreneurship. I just might be able to change the world (smile!). I’ve worked with corporate clients such as Home Depot and Zaxby’s chicken franchise and more. I love working exclusively with clients like that where I can be super creative and challenge myself….off the phone 🙂 I want to return to that freedom.
For this reason I am restructuring my business. The “Lenise Williams” brand will focus more on me as the entrepreneur and my legal expertise. The “Girl Biz Academy” brand has undergone a little restructuring as well. Instead of offering coaching/consulting to the students beginning this month (the final month for my students) Girl Biz Academy will be more of a resource for female entrepreneurs. It will offer digital downloads, books, webinars and more. I have some other things in the works that I will tell you about later 🙂
So when I mentioned this on a recent periscope I got lots of “smack”…lol “I’ve been wanting to work with you, Lenise”; “I was going to sign up for your next round of one on one services.” “Why didn’t you give us warning!“….lol THEY LET ME HAVE IT!!! So in the spirit of compromise I am offering one on one services for a 4 week period with only FIVE people. That is one call Monday-Friday for 4 weeks…I can handle that lol. So it’s the last hoo-raa!!! Don’t say I did not warn you..lol
Click here If you are ready to commit to four weeks to develop and implement strategies to increase your profitability then I am ready to commit to it as well. If you have been waiting here is your chance. Unfortunately it’s likely now or never 😦
A BIG SPECIAL thank you to the entrepreneurs that I have worked with one on one over the last few years. It has definitely been an honor and a privilege to see your growth both financially and mentally. I appreciate all of you more than you will ever know. BIG XOXOs