Is my Franchise ready for International Expansion?
Nick Strong, MD - Select Your Franchise
For established franchisors with a well developed network the question can often arise “Well what next?”. When you have saturated your own country what then? The most apparent answer to the riddle is to look further afield, to other countries where franchising is already a recognised business method. However, it can seem a daunting task, dealing with possible language and culture conflicts and misunderstandings.
So when is the right time?
Plan Early
Before you even start to consider getting anything in motion, planning is crucial. Make sure you plan carefully to ensure you have a roadmap to assess your progress and keep you on track.
Don’t Chase leads
It’s a temptation if you get an impromtu lead from another country to go after it as a ready made entry into that market. Better to ensure you have your plans set out first and seek out an international business partner that suits the plan best rather than jumping on something that turns out to later be not what you expected.
Analyse Markets
Make time to do a proper analysis of the markets you are considering. Every country is different and some concepts work better in one country and not in another. Look for existing brands that are similar to yours and analyse their presence and success in the target country.
Specialist Assistance
It’s wise to talk to an international franchise consultant. They have the benefit of experience from dealing with exporting of a franchise concept to international markets and can therefore provide invaluable help and advice. Each country often has its own set of rules as to what is required to set up a franchise so its important to have someone on board that knows the market and regulations for the country you are thinking of entering.
Tags: franchise, franchise development, Franchising growth, International Franchising, nick strong
