In today’s tough economy, many businesses are looking for whatever edge they can find to grow and prosper.  When you hear the term franchise, you often think of the famous franchises that are for sale out there, which is a route that many entrepreneurs look at when starting their businesses.  Well, a franchise doesn’t always need to start out as one. 

Take a local store as an example.  Could Fred’s mini-mart, that has been around for years possibly experience a surge in business if it converted to a 7-Eleven?  It’s been proven that often it can.  Scott Jewitt, head of The Ifranchise Group in Irvine California says that companies that are single entities can often benefit from going the franchise route because of access to buying power, brand recognition and many other marketing factors that simply don’t apply to smaller, lesser known companies.

Another more traditional route is to take your business to a franchise structure and open many locations.  While this often goes against the grain for an entrenched entrepreneur who “loves what they do”, it also provides another direction for a business to grow.  Often, the scale offered in a franchise structure outweighs the benefits you get when you are in full control.

As always, work with experts who can best advise you on your situation, not everyone is going to benefit from a franchise structure.  Check out our interview with Scott Jewitt of The Ifranchise Group this week on the show.

Todd