Here are ways you can ensure your franchise business thrives and does not duck in again.
If you have failed once, doesn’t mean it will happen again. Here is a list of things that might have gone wrong and how to not repeat them.
Was the prototype working?
Many times a franchisor has a brilliant idea and that it will be great to add in more stakeholders or franchisee. But not all ideas make it to the day and may not be replicable after all. Mark Siebert, a franchise consultant suggests, “In order to franchise a business, the business model must first be proven. For this, you need to ensure in the first place that a successful operating prototype exists and can be easily replicated.” This is the one thing which leads to failure for a franchise to take off and most die the death even before they are born properly.
Was it sellable?
For any product to thrive, it has to have a buyer; even if it a franchise that you are offering as the end product to potential stakeholders. If your model was not attractive enough to hook franchisees in the first place, you should avoid the same mistake the next time you are investing your heart, soul, and ambition in a franchise business model. For this, it is important to note that the franchise itself should be an attractive, doable and understandable idea which anyone can run and make profits with.