Many small businesses have thought about turning their business into a franchise. Joel Libava, also known as The Franchise King, spoke with WebProNews and offered some tips for businesses to consider before they take the plunge.
First of all, he advises businesses to be extremely careful. There are many franchise development firms that will try to take you for your money. Secondly, he suggests having at least 1 or 2 locations already in operation. In addition, he recommends having an operation’s manual formulated in order to have a structured plan.
According to Libava, the franchising industry is also beginning to adopt social media. Because everyone is tired of pushy advertising, he said smart franchisors are utilizing article marketing and social media in order to attract people.
Libava also points out that franchising is not for everyone. Be sure to consider all the options before taking the plunge with your business.