As a restoration entrepreneur trying to grow your business, you may want to consider franchising your business. When done right, a franchise can be profitable and allow you to grow your business to new areas quickly. All with minimal involvement in the day-to-day operations.
Fast Expansion
This is a great way to expand your business quickly. By franchising, you can grow your restoration company into new areas and markets without worrying about employees or the money needed to expand. So, there’s no limit to how far you can grow with this business model.
By franchising, you can grow your business with minimal capital investment. Many times, businesses are limited in their ability to grow at this scale because they lack the money upfront to do so.
But, this obstacle is virtually eliminated because the franchisee pays an initial franchise fee. The money provided by the franchisee can go to cover initial costs of expanding. And this greatly reduces the risk for you, the franchisor.
Profitable Growth
After the franchise is up and running, you’ll see a nice bump in your bank account from the royalties. As the franchisor, you will get a percentage of the revenue of this new business. The better your franchise does, the more money your business makes.
And because the franchisee has some skin in the game, they’re motivated to grow the business. They have a sense of ownership, so they will generally work harder than an employee of the company would.
Good marketing and publicity for one, will also benefit the other. And by adding a franchise in a new location, you can provide coverage in a wider area, making your company more accessible to its clients.
Minimal Daily Involvement
Growing your business through franchising is a good way to maintain your focus on the big picture. You can continue to work on your business, rather than working in it.
Managing the day-to-day work becomes the responsibility of your franchisee. It’s their job to estimate the work, hire staff, make sure it’s completed successfully, and deal with any problems that might come up with employees.
This allows you to focus on growing the business even more and setting up efficient processes. So, You’ll be able to ensure that quality work and customer service remain the focal point of your restoration business even as it grows.
If you want to learn more about how you could grow your restoration business through franchising, give us a call today!
Franchising is an interesting discussion for business owners that have the means to expand. While it means that there is an added level of risk to consider, it’s also worth noting the opportunities that exist, such as creating jobs.