If you are the owner of an independent business and you are starting to think of ways to expand, it is time to think about franchise conversion. What is franchise conversion? It is a growth strategy that involves converting your independent business into a franchise to get a variety of benefits that you can only get with an experienced network.
Making the decision to convert your own business into a franchise should not be taken on lightly. That’s why we have put together these FAQs about conversion to help you get a jump start on your research.
Franchising is all about one thing: support from an experienced network. The help of a network is the most significant advantage of converting your independent business into a franchise. The network gets you access to things like vendor relationships, purchasing discounts, proven best practices, and a group of people who are experts in your industry. As an independent business owner, it can be a lonely world; your job is to do every job, and that gets exhausting. Joining a franchise solves that.
In addition, joining forces with a franchise helps you make your operations more efficient. You can learn a lot from a company that has put people in business and helped them succeed, so adopting policies and procedures can impact important things like your bottom line. Add in things like international brand presence and decades of industry experience, and you can see the appeal of adapting to a franchise system.
Will I Lose All Control?
The short answer to this question: No, you will not lose all control but you need to be prepared for some things to change. As we have already mentioned, joining a franchise system can have quite a few benefits, but in order to reap those benefits you must be willing to make some changes to follow the franchise’s way of doing things.
The good news is that, at the end of the day, you are still a business owner even after converting your independent business into a franchise. You still have many of the same freedoms that you had before, but with more efficient processes.
What Do I Get Besides a Brand Name?
A common misconception in franchising is that investing in a franchise only gets you a name and a brand, but that couldn’t be further from the truth. Before you convert, do your research and choose a brand that provides continuous support and resources to its franchisees. A brand worth investing in will have things like marketing resources, web support, and a variety of proven systems that can help scale your business for growth.
If you are looking for a conversion opportunity for a promotional products franchise, Fully Promoted is looking for you! We are expanding our franchise brand in territories all over the world with the help of experienced business owners who are looking for a leg up on growth and marketing in addition to a general ease on their work load. We are here to answer any questions about converting your business, so reach out to us to learn more about this outstanding opportunity.