A trend is beginning to emerge that involves business owners buying franchises and incorporating them into their existing businesses. Owners of various businesses have found success with this, since a related franchise can help them grow and diversify without having to start a new business from scratch or expand into new markets. Georgia business owners looking to boost their profits and expand their company may want to look into this growing trend.
For example, the owner of a roof and exterior repair company added a franchise for disaster restoration services. Now he cross-markets his roof repair services to restoration customers and vice-versa. Additionally, he can handle any issues himself arising from his original business, but the franchise company offers a support system to troubleshoot any problems with that side of things.
Incorporating a franchise may be ideal for any business owner who does not wish to expand into another market. Additionally, if the original company is already one of the largest in its market, there may be little opportunity for growth in that respect. By incorporating a related service into the existing business, a business owner can meet more of the community’s needs, increase profits and grow his or her company.
As with any business, getting a franchise set up requires jumping through some legal hoops. Georgia business owners may find it beneficial to obtain legal advice during the process to ensure that they have a solid business plan and are complying with all applicable regulations and laws. Adding a franchise to an existing business may offer an opportunity for growth, but it may also not succeed without careful planning and attention to detail.
Source: Colorado Springs Business Journal, “Business owners buy franchises for cross-marketing,” Amanda Miller, Jan. 24, 2013