Franchise to Multiply & Fly
Hi Champ!
This strategy is best applied in the Expansion and Mature stages of our Elevate Your Business consulting model.
The biggest area of turn-key businesses growth is a franchises. We have worked with a few very successful dealer and franchise models such as MetroPCS/T-Mobile and RX2live. There is a franchise for every industry in the world and they are fairly easy to acquire and come with practically a pop out of the box pre-assembled system. McDonald’s is a prime example. In fact, a $40 billion, 28,707 strong example.
There are a few things we are going to talk about:
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
Business Format Franchise
The business format franchise came from an earlier model call the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing right’s, now franchise owners have owning...
Building Blocks for Business Expansion
Hi Champ!
We have been talking about the life cycle of a business and how to get the most out of each maturity level. Today we will dive a bit deeper into the Expansion stage to outline key building blocks for success.
As a reminder, the five different stages of a business life cycle are:
- Inception
- Survival
- Growth
- Expansion
- Mature
Stage 4 Expansion
In order for a business to expand successfully it is recommended that they have shored up any holes that may exist in the previous life cycle stages of stage 2.)Survival and 3.)Growth. We work to develop key targeted improvements for companies looking to add locations or franchise. Filling these holes in the business maturity helps to build a steady foundation as one expands. It is in this phase, successful entrepreneurs and leaders start to understand the phrase – “You can’t get to where you want to go with the same thinking that got you here”. This is often difficult to hear or...