Franchise has proved to be a successful business model. There are 900 brands that work in franchise and 97% of them is profitable. Now the trend is the socially responsible franchising. As half of the population lives in poverty charity is not a feasible, long term option to help those stuck in the unemployment rut. The franchisee can replicate a proven model and get support from central office.
There is a fierce competition so established franchise brands cannot afford to be complacent and they need to focus on developing their USP (unique selling point). Especially in the fast food sector they should stive to provide exceptional customer experience and adopt digital technology. As labour costs are rising recruitment of quality staff is a challenge. Some franchisors even opted for rebranding since they recognized the importance of evolving to meet changing market demands. Fitness franchising is also booming as people are embracing the fitness revolution and health is becoming top priority for them.
Turning your business into a franchise could enable fast expansion more economically than setting up a branch. But not every business is suitable. Your business must be successful if you want to ask your franchisees to invest in it. The business must be capable of being replicated and the franchisee should be able to learn the method. If it requires years to acquire it is unlikely to be suitable. It is advisable to run a pilot franchise to show it is tested and proven viable. Going the franchise route will require legal protection and the help of an experienced franchise manager.