How to Know if a Business is Ready to Franchise

Author: Josh F. Brown
05/16/2017

You’ve built a successful business, and think you’re ready to franchise it. But how can you be sure? Today our host, franchise expert and attorney Josh Brown, shares six things to consider before taking that leap, and some of them might surprise you.

Key Takeaways:

[:42] Josh is frequently asked by people if they should franchise their business.

[1:35] It’s a good idea to have two operating locations before you franchise.

[2:55] The current success of your business is a big indicator of whether or not you should franchise.

[3:25] You must understand the numbers.

[4:04] Most businesses start out very simple and aren’t based on a solid strategy.

[5:33] You should have a proven system that you can explain.

[5:50] Your system should be simple.

[6:44] Keep your eye on the focus of the business.

[7:00] You must have an operations manual.

[8:24] Josh has created an operations manual template. If you are interested in using it, email him at josh@indyfranchiselaw.com.

[8:51] Not all operations manuals are created equal.

[9:30] Know your market size.

[10:24] Dominate within a 100-mile radius, and then expand from there.

[12:22] What ongoing value can you as a franchisor add to your franchisees?

[15:53] Thanks again for listening, and please, reach out to Josh anytime through email at josh@indyfranchiselaw.com.

Mentioned in This Episode:

josh@franchiseeuphoria.com

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Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

Josh Brown

Great and applicable information from professionals in the franchise world that are doing it every day. I’ve listened to 3 episodes: Gutter Brothers, Woofies, and Cycle Bar. Enjoyed all and looking forward to hearing more.

Highly recommend. Great guests. Filled with tons of helpful information.

Josh and his wide variety of knowledgeable guests are truly rockstars! They deliver quality (and free!) franchise knowledge and advice in each and every episode. The great advice they provide, combined with the engaging way they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Josh - keep up the great work!

This podcast provides the advice necessary to start building, growing, and scaling your business TODAY! The host asks probing questions of his guests that add value to the listeners in an immediately implementable way!

What do you get when you combine business savvy, legal expertice and a great personality? You get the ultimate podcast for franchise owners. Josh Brown brings it all togehter perfectly with Franchise Euphoria. Not only does he possess all of the skills and abiliites above, but he has great guests, asks awesome questions and created the ideal podcast for this niche. If you have a franchise, or are considering it, subscibe to this show and consume all of the content!

Started listening to Josh's podcast after the wife and I decided to buy a franchise and I quickly went through about 200 episodes on 1.5x & 2x, before signing on to purchase a franchise. Josh's info was an invaluable part of our decision to buy, and after listening to so many episodes, I felt like I knew and trusted him on a personal level, so it was a no-brainer to enlist his services when it came time to review the franchise agreement. Josh was super easy to talk to and very empathetic to our needs, and being first time business owners, we needed all the empathy we could get. Josh helped us negotiate a great deal with the franchisor and we were very happy with his services. Great podcast, great guy, great service to anyone involved in the franchise world!

Very interesting discussion. I found the information valuable.

I've just completed the legal process of franchising my business and have now begun selling franchises. Just found this podcast and it's an incredible resource! Great content and Josh is a very engaging host. Highly recommend for franchisors and franchisees.