When you have a successful small business, it’s natural to contemplate franchising the company. With some business development guidance from the South Fulton Chamber of Commerce in Atlanta, GA, you can determine if this is a strategic move. Below, they offer some information to consider. 

Business Development Tips for Franchising

1. Conduct Market Research

It’s always worth considering your options to grow, but it’s also important not to jump into a decision without doing your due diligence. Before hiring a lawyer or taking any official steps toward franchising, take some time to collect market research. The goal is to find out if there is truly a demand for your goods and services outside of your location. After going over the results with a business development associate, you’ll have a better understanding of the lay of the land. 

2. Replicate First

Following up on the research, the next step is to develop a proof of concept in other markets. With a few thriving locations under your belt, you’ll go a long way to proving that there is a formula in place for repeat success. Franchising typically requires a substantial amount of capital, so having that evidence in place will make it easier to attract partners.  

3. Preserve Your Brand

As you get closer to franchising your business, it’s vital to not sacrifice your values as you grow. By carefully vetting the franchisees you choose to work with, you’ll take a big step toward keeping the culture of the company you started. Beyond that practice, it’s also key to have a business development team help you create a clear list of brand guidelines for each franchise. Without that information, other locations may present a different or shoddier product that will still appear under your name. 

If you think it may make sense to try out a franchise model, speak to South Fulton Chamber of Commerce about how they can help you succeed. The institution can connect you with a variety of business development professionals who specialize in small business opportunities. They also host diverse networking events where you can meet the perfect partner for your franchise initiative. To discuss your specific needs, just call (770) 964-1984. Learn more about the Chamber of Commerce by visiting their website.