INTERNATIONAL FRANCHISING
Is your franchise ready to go international?
Wherever you are in your franchising journey – an established presence in your domestic market, or just starting to get the message out about your new franchise offering – there will inevitably be a time when you get enquiries from overseas. These can certainly be very welcome as it shows the potential of your brand in markets you may not have even considered yet.
The prospect of going international with your franchise is very appealing, but it might only have been a distant long-term goal until now….suddenly, here is a very real lead and you’re understandably excited about all the possibilities this presents. So, what do you do?
How do you know if this is all a bit premature, or one of those wonderful, unexpected opportunities you need to pounce on to propel your business forward?
When is the right time?
In many ways, there has never been a better time to consider franchising your business internationally. The world of franchising has never been so better connected between nations as it is now. There are more talented experts than ever before working together in different markets to provide you with a platform for growth, and technology and communications are making it easier than ever before to reach out and make meaningful connections with the right people.
International franchising has always been a great way to mitigate risk by expanding into different markets, and enjoy all the increased revenue from the vast, wider world. However, that also means there are more franchises then ever trying to get in on the action! The difference between those who try and fail, and those who can seize these bright new opportunities, is being properly prepared….
Here are the questions you need to ask before taking the next step:
First of all, a handful of enquiries does not make for a successful international franchise. If you do decide to move into overseas territories, you’ll need to make sure you’re getting the message out there to a lot more people, and have strong systems in place to qualify and recruit them – not to mention supplying them and supporting them.
However, this kind of interest can absolutely be the seed of something much bigger. You don’t have to be a franchise who has already maxed out their domestic market to succeed overseas or, in fact, even be a franchise at all. There are many great examples of brands who only have a few branches in their home country finding fantastic success in other countries, and plenty who only operate the franchise model overseas.
Before you make a decision, there are some very important questions you need to ask of your business:
Is your business ready?
Do you have the infrastructure, people and resources in place to make this happen? Are you ready and able to scale up to the international level? What will be the impact on your existing business?
What are the risks involved?
Nothing in business is ever risk-free, but what can you do to minimise your risks and ensure you are ready for every eventuality?
What tools and systems can help?
Modern technology means it is easier to connect with anyone in the world than ever before, but what’s available to help you build a cohesive and productive overseas network where you are still in control?
How will you deal with different markets?
While different franchise markets and legislation are far more consistent and predictable across different nations these days than in the past, you still need to be sure you adapt your model to different territories. How can you successfully navigate all the different cultural, social and economic realities?
So, what exactly do you need to do to make this happen?
Like any business growth strategy, failing to plan means planning to fail! Obviously, making your model work overseas is a lot more complex than just replicating what you already do in your domestic market. It’s never as simple as just “copying and pasting” what works in one country and assuming it will work in another.
Find out more
Getting your International Franchising strategy right takes commitment and resources, but talking is free… so why don’t you have a free consultation with a member of our international franchising team?
We’re always more than happy to provide some free, initial advice to help you decide whether or not to make that leap!