What does it take for a business to be franchisable? According to franchise attorney Harold Kestenbaum, coauthor of So You Want to Franchise Your Business, “a franchisable business is one that is profitable, has the ability to be replicated, and has a documented system that is easy for others to follow.”
I’ll add one other requirement: The business must have something that sets it apart from other, similar businesses.
Do you have a business like that?
Better yet, have you even been on the receiving end of a statement like this:
“You know, you should really think about turning your business into a franchise.”
If you’ve ever heard that suggestion, now’s your chance to go for it and enter The Great Emerging Franchise Challenge, where you’ll have an opportunity to win $50,000 worth of professional franchise services to get you started as a franchisor.
Contest creator Todd Taskey, an entrepreneur for more than 20 years as well as an investment banker and business finance advisor, has assembled a group of franchise professionals who have “been there and done that” to help you transform your company into the next great franchise.
Two weeks ago, I received a call from Todd in which he asked me if I’d don my robe and be one of the judges for this contest. I told him I’d be honored. (Anita Campbell, CEO of Small Business Trends, was also asked to be a judge.)
I asked Todd about his vision and goals for this contest. He told me, “I wanted a way to attract business owners to the idea of franchising as a way to fuel the growth of their company. I’ve worked with a few in the past and enjoyed the process very much.”
What would Todd like to see happen because of this contest? “We’d like to identify a few good ideas and give them great feedback on their business. Then, we’d like to identify one great idea and get them started. We’d also like to get more exposure in the business community for franchising as a viable mechanism to grow a successful business into a national brand.”
Todd hopes to continue growing The Great Emerging Franchise Challenge every year, increasing awareness of franchising even further.
If you’d like to learn more about The Great Emerging Franchise Challenge, including the rules, information about the rest of the judges, and specifics about the $50,000 in franchise development services that the winner will receive, visit the contest website.