Although it is important not to leap into franchising without doing a franchise feasibility study, picking the expert to do the study is also crucial. My three decades of experience in the franchise industry allows me to share an important tip. Most firms hire a franchise consultant who ends up telling all clients they have what it takes to franchise. This is hardly the type of objective analysis required, and is a big red flag. Before retaining the franchise expert find out: (1) are they really an expert; (2) number of feasibility studies done over what time period; (3) percentage of studies where client was told to franchise.
Franchise Feasibility Analysis
An in-depth, objective franchise feasibility analysis will examine strengths (and weaknesses) of the underlying business model including viability of the concept, profitability, market share, brand awareness and other factors. The analysis will grade the company on these and other factors. Knowing strengths and weaknesses before embarking on a franchise program is an indispensable first step all companies should take.
Franchise Feasibility for Franchise Investors
For those wanting to buy a franchise investment, a franchise feasibility analysis is equally important. Not only must the franchise company withstand a comprehensive due diligence appraisal. Just as important, the individual considering the franchise investment must be a match for a franchise relationship or the entire venture will contain the seeds of disaster.
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