With no shortage of customers in the United States and a reasonably healthy profit margin, you might be exploring the possibility of franchising your successful business model to share your success with others. One of the industries projected to grow significantly is CBD, which experts believe will reach growth rates of over 27% by 2029.
However, it’s not always easy to know whether you’re ready for such a significant move. Some of the signs below might indicate that you are.
You Have Reliable Vendors
It can be frustrating for customers to visit a physical store or website only to discover their favourite goods are sold out or in short supply. Aligning yourself with a reliable and reputable vendor or supplier, such as Joy Organics, might be one of the first signs that your business has potential for franchising. When you can ensure that new franchise owners can access the same high-quality products as you, you can enjoy peace of mind knowing that supply chain issues might not be a problem you encounter.
Your Business Has Firm Processes
If your business runs like a well-oiled machine with processes for everything from cleaning to banking and ordering, it might have franchise potential. When companies function with operations manuals, there are set methods to manage all daily tasks with no room for confusion or mismanagement. As a result, replicating your business model in another location can often become easier.
You Have a Loyal Customer Following
Franchising a business that few people have heard of might not always be a recipe for success. However, if you’ve built up a loyal following as a CBD business, or a business in any other industry, and people travel far and wide to try your products, you might be ready to take that next step. Take note of where your in-store customer comes from and where your online visitors live, and you might gain a sense of where additional stores might be successful.
Other Businesses Are Copying Your Concept
It can sometimes be frustrating to learn that competing businesses are stealing your ideas for their own benefit. You’ve found something that works, and now everyone is trying to claim it for themselves. While you can’t stop other businesses from copying your business format, you can ensure you’re replicating it in as many locations as possible to achieve the profits you worked so hard to gain.
You Have a Team You Can Trust
Many businesses only become the successes they are today with supportive, experienced, and hard-working employees. You need them in your own store, but you might also need them to help franchise owners during the settling-in period of new stores.
Before exploring franchise opportunities, make sure you have a strong team behind you that you can rely on. Rather than stretching yourself too thin by visiting multiple stores to ensure all operations are running smoothly with the new business owners, you can send your valued employees on your behalf. If you already feel like your store is staffed with such workers, you might be on the right path for franchise opportunities in the near future.
When your business is a complete success, it’s only natural to wonder if you could duplicate that success elsewhere. If you can relate to any of these signs above, there’s every reason to believe multiple stores and new income potential might be possible.