What Makes a Franchise Successful?
There are many reasons as to why you might want to franchise your business. But before you consider franchising your business, you should know precisely what makes a franchise successful. Through years of hands-on experience, our Charter Franchise Group consultants have identified an eight-part criterion that most often makes a franchise successful:
Business Management
Company leadership is the single most important aspect contributing to the success of any franchise program. It is for this reason that we thoroughly assess the strengths, weaknesses and potential of your proposed management team.
Market Viability
Understanding your market is key in starting a franchise concept. Your Charter Franchise Group consultant identifies the growth and consolidation of prospective markets and assesses what trends and opportunities will affect your business. Every factor is examined, such as the existence of franchised and non-franchised competitors, the impact of the Internet and additional advertising media and the franchisees potential for long-term success.
Profit Forecasting
A franchise may or may not be profitable. We assess the financial feasibility and the inherent vitality of the concept to accurately project long- and short-term growth and profitability.
Investment Marketability
People must be willing to invest in the franchise. Your Charter Franchise Group consultant assists in determining the appeal of a franchise to prospective franchisees, as well as in formulating an appropriate pricing-for-purchase structure.
Strategy Development
Meeting your personal and professional goals requires a sound business strategy. After analyzing your business structure and operations, we explore different strategies and develop one that works best for you.
Budget Analysis
When starting a franchise, it is imperative that you anticipate the costs associated with business expansion. Our franchise services include analyzing the cost of printing, audits, marketing, personnel, and other aspects to ensure that an adequate budget is developedone that is practical for establishing the franchise and reaching growth-oriented goals.
Capital Resources
You must have the capital and resources to establish and grow a franchise program. We have an extensive network of financial contacts to assist you in raising the necessary capital for your business.
Business Structure
Adequate support in all operational, financial and logistical areas must be in place for a successful, long-term growth strategy. We provide expertise and support for the systemic development of franchise sales and marketing, lead handling, advertising fund management, training, and multi-unit operations management.
Trust Charter to Launch a Successful Franchise Concept
Once these crucial criteria are met and an understanding of goals and expectations is reached, your Charter franchise consultant team works directly with you in starting and establishing your franchise concept. Our consultants provide you with turnkey support and direction in designing and implementing your businessthrough every stage of franchise development and growthto ensure its profitability and success.
