You have a successful business. Now what?

By The Business Clinic

19 Aug 2021

By franchise advisor - Helen Livesey

How exciting, you have spent the last few years working hard and now you have a successful and proven business model!

So, you may be asking yourself, what’s next?

If you don't want to just keep doing what you’re doing and see if the business grows organically but you do want to earn more and keep developing your company, there is another option - you could franchise.

But before you go down this route, there are a few things you should stop and consider…

Do you have something that is different and that has an edge? Are you prepared to invest the time, the money (sometimes between £30 and £50k) into the transition of becoming a Franchisor? Do you have the structure and processes required? Are these processes replicable? Are you ready for your role to change?

Okay, if you feel happy with your answers to those considerations and want to explore further, let’s look at how to progress...

Step 1.Know your “Why”. You must have a reason for wanting to pursue the path of franchising. Is it because of your passion for the business and its ability to help others? Is it to create that incremental income that will help change your life and provide greater financial stability and freedoms? Whatever it is, it has to be solid and predetermined to ensure you are ready for the journey ahead and you always have in the back of your mind the reasons you are doing it.

Step 2.  Speak to an experienced franchise consultant who can talk to you about the feasibility considerations required. Why? We hear you ask - franchising has many aspects to consider. Your “WHY” is your starting point - we are now moving on to the “How”. You must always ask the question, is it feasible? Is there a place in the market, do the numbers work out for you as a franchisor and for a prospective franchisee?  It’s always best to have a feasibility study completed before taking any further steps, in order to ensure your business is at the right level and to check the franchise market for trends and success rates for the kind of sector you operate within.

Step 3. This next step is all about the “What” will then come out of your feasibility. When done properly, it will become your business blueprint and enable you to seek funding/investment and ensure a solid franchise foundation and MAP (Method, Ability and Process) to franchise. It will lay out your required journey, including the all-important financials. If you take anything away from this article, it would be this - please do not start your franchise journey without your own bespoke MAP.

Too often we see people embark on this journey, spending precious time and money without knowing first what they are basing their decisions around. For example, we have known business owners come to us with a prospectus, an outlined investment figure, royalties/marketing contributions, all these things already figured out but without having ever done a feasibility study, without ever having researched similar business models or worked out a set of financials to back it all up with.

But… knowing and understanding your numbers is a whole new article, so watch this space!

A 'basic' Franchise agreement shouldn’t be sourced, you want one bespoke to you and your business.  You want protection as a franchisor and for your franchisees. What you start with is what you should continue with throughout your franchise journey as a general rule.

Hopefully, that is enough food for thought to help you if you are considering exploring the franchise sector. And whilst it is a wonderful option and works for so many businesses, it is not for every business. And this is why so much work needs to be put in beforehand to ensue you don’t see yourself going down the wrong path before it’s too late. If it isn’t right for your business, it isn't a bad thing for you or the franchise sector. Business success can come from many routes - a good consultant can talk to you about these other routes.

Our advice to you is… speak to a professional advisor from the earliest stage possible.  It won't (or certainly shouldn't) cost you anything for an initial chat.

If you would like to speak to our specialist team about the option of franchising, please email us via [email protected] or call us on 01772 367 367.

Latest news

1

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London. The Rt Hon Jonathan Reynolds, the Rt Hon Christopher Luxon and the Rt Hon Steve Reed (L-R Front Row) David Hammond, and Daniel Knowles

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London.

30 Apr 2025

2

Northstone secures full planning permission for 50 new homes in Edenfield Edenfield housing development

Northstone secures full planning permission for 50 new homes in Edenfield

29 Apr 2025

3

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens Dovestone Gardens launch

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens

29 Apr 2025

4

PHX Training welcomes new business leader to drive learner success Louise Kirby

PHX Training welcomes new business leader to drive learner success

29 Apr 2025

5

Lidl to invest half a billion pounds in its expansion as it eyes sites in Lancashire Lidl

Lidl to invest half a billion pounds in its expansion as it eyes sites in Lancashire

29 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Innovating business solutions through PhD Partnerships
30478 Skills Bootcamp open day setting.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Innovating business solutions through PhD Partnerships

University of Central Lancashire, Preston , PR1 2HE

14:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin