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by iFranchise Group
CEO, Mark Siebert

The Ultimate How-To Guide on Franchising Your Business

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Is Now the Time to Franchise Your Business?

In this article originally published on FranchiseWire.com, iFranchise Group CEO Mark Siebert discusses the important questions a business owner must ask before jumping into the world of franchising.

When considering whether to franchise a business, especially after the shutdowns and other complexities caused by the COVID-19 pandemic, many business owners may be hesitant to move forward. Others may be convinced that growth through franchising will be key to their future success.

When determining whether the time is right for a business to franchise, some key questions should first be addressed. Some of these questions revolve around whether the business concept is sufficiently unique, if it can be replicated, if it has market appeal, if it is or can be well documented, and if will it allow both franchisor and franchisee to be profitable.

Bringing in outside expertise can also be an important step for a business owner thinking about franchising. A franchise consultant or other industry expert can help potential franchisors evaluate whether they are cut out for franchising, and where they stand against similar competitors in the ever-growing franchise marketplace.

Proper research, due diligence and planning are crucial before taking any steps toward franchising a business, and before establishing those ever-important, long-term relationships with future franchisees.

Posted in Franchise How-Tos and Trends.

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