If you Google “how to franchise my business”, you’ll get over 8 million search results in less than a second. Unfortunately, most successful business owners have a terrible experience trying to franchise their business.
Problem is, you are likely to hear “Sure that will work”, from just about every consultant in the industry who stands to profit from your attempt to become the next Subway or Jiffy Lube. Fortunately, like most things in business, there seems to be a proven process that new franchisees will follow to become a successful national franchise.
The Emerging Franchise Challenge has compiled an all-star team of industry experts who will contribute their time and talent to the one entrepreneur who the judges believe has the best chance to become a successful franchise company (I am one of the judges).
If your current business meets these qualifications, you could win over $50,000 in services to launch your new franchise company:
1) Own an operating business for at least 12 months (sorry,
no startups or “great ideas”)
2) Annual sales must exceed $250,000
3) U.S.-based company in good legal and tax standing
4) If you are currently a franchise owner, you must have fewer than 5 locations
5) Agree you will not argue with the judges' decisions, which are final
$50,000 will not get you everything you need to become a successful franchise company, but it’s a great start and the exposure and notoriety from being the 2010 Emerging Franchise Challenge winner will not hurt either.
Good luck, entry deadline is 10/25/2010.