Is now the time to franchise your business?

If you have already weighed the pros and cons of alternate business growth strategies and you’re convinced that franchising is the best way to expand your operations, you may believe you’re ready to move forward. But are you equally certain that now is the right time to become a franchisor?

Determining whether to franchise your business now requires detailed analysis and careful consideration. An experienced franchise attorney can help you time your entry into the world of franchising to maximize your likelihood of success by asking you some key questions.

Has Business Demand Spread Beyond the Region?

Business might be booming at your location, but localized success doesn’t necessarily mean the concept will work elsewhere.

Are all your customers local, or are you drawing interest from out-of-towners? If people from other regions are making their way to your door, or if potential customers are contacting you online to ask when you’re going to set up shop in their city, now could be a good time to become a franchisor.

Do You Already Have Interest from Potential Franchisees?

Finding ways to attract franchisees can be one of the biggest challenges for a new franchisor — or even an established one.

Do you already have potential franchisees in the pipeline? Have qualified interested parties begun to reach out and ask if you’ll be franchising soon, or if you’re accepting franchisee applications? If so, setting up your franchise system now could be wise.

Can You Afford to Franchise Your Business Right Now?

Franchising is widely considered to be a cost-effective means of business expansion,  nevertheless, becoming a franchisor requires an investment.

Are you in a strong financial position to set up a franchise system now? Take the time to review your financial situation with an eye toward your net earnings, expenses and year-over-year growth. If your business is profitable, with consistent yearly sales increases and rising demand, you may be ready to become a franchisor.

Expanding a business through franchising can be challenging. Regardless of when you decide to become a franchisor, you’ll need assistance from an experienced franchise attorney such as the legal professionals at the Franchise & Business Law Group.

Based in northern Utah, the Franchise & Business Law Group can help you navigate the hurdles of franchising within the state, across the country and overseas. Our expert legal team has the skills and knowledge to provide the legal services necessary to help you meet your business goals.

If you believe that this might be the right time to become a franchisor, contact our Salt Lake City office today and schedule a free consultation to explore what is necessary to franchise your business.