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

Roundhouse secures approval for new £15m office and industrial scheme in Preston Momentum

Roundhouse secures approval for new £15m office and industrial scheme in Preston

25 Jul 2025

2

Homebuilder's high-performing sales advisers clinch awards Ben Garland and Julia Lorente

Homebuilder's high-performing sales advisers clinch awards

24 Jul 2025

3

Work is set to start on Multiversity project Multiversity Blackpool

Work is set to start on Multiversity project

24 Jul 2025

4

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft Typhoon production Warton

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft

23 Jul 2025

5

Assystem to double UK jobs to deliver Sizewell C EDF Assystem

Assystem to double UK jobs to deliver Sizewell C

22 Jul 2025

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
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 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

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

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech
July PTC banner long updated.png.png
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advantage: AI – A Workshop for Business Leaders – August 14th
Navy--Event Tile.png.png
LBV Hub Seminars
14 Aug 2025 - 14 Aug 2025

Advantage: AI – A Workshop for Business Leaders – August 14th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Morecambe Bay Walk
Walk.jpg.jpg
LBV Hub Awards
30 Aug 2025 - 30 Aug 2025

Morecambe Bay Walk

Arnside, CARNFORTH, LA5

09:30 - 14:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

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

09:30 - 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 LBV 123 Online Graphic
Subscribe now

Weekly news bulletin