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Find out if your business is ready to be franchise

Posted on 22/01/2019

The statistics indicate a high percentage of entrepreneurs in Colombia interested in having their own businesses and being independent. However, there is also a high death rate in businesses, 80% of new businesses or companies in the country fail to reach their second year of life.

 

But franchises have only 5% mortality in their first 10 years, which is why these entrepreneurs are looking for new franchises that facilitate their path to success.

 

Changing your business into a franchise is not an easy decision. This decision can change all the nature, structure and processes of your business including the way of operating it, so franchising does not apply to all businesses.

Below, we name you aspects to evaluate to find out if your business is ready to be franchised.

Read also: The key things you must do before entrepreneuring

 

Is your business in operation?

Although there is no law that requires the business to be operating to offer franchises, the recommendation of experts is that your business has at least two years of life to evidence that the business is proven and indicates the experience and profitability acquired.

 

Can you sell your business?

To franchise your business is essential that it be striking and generating interest in buyers, whether for its high profitability, differentiation from the competition, its concept or any other factor that attracts potential franchisees.

 

Is it replicable?

Your business must be able to be executed in any circumstance or place, or at least must have the ability to be adapted to be operated without losing its essence. We recommend you making a study of the minimum conditions required for a franchise of your business to be profitable, for example; it would be useless to open a coating shop in a hot weather city at sea level.

Maybe you're interested in locating and expanding your business in the market with the help of experts

 

Do you have a registered brand?

If you do not have a brand registered in the Chamber of Commerce is not possible to offer franchises of your business.

 

If you believe that your business keeps these aspects, then it is ready to offer franchises. You can publish your franchise here.

 

In addition, here you will find the best expert advisors in the purchase and sale of franchises that will help you to structure the franchise contract correctly and any other questions on this topic.

Know here 6 qualities of the successful entrepreneur

 

 

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