How to Franchise a Business? 5 Ways Lifestyle-Based Business Owners Can Find ‘Potential’ Franchisees

How to franchise a business? Well, franchising is more than allowing other businesses to be run under your brand name and sell your goods/services. Hence, you can expand the name of your small business throughout the country. And if you’re a lifestyle-based business owner, it may be a great opportunity for you.

2023 data shows that the total revenue of the Australian lifestyle market was USD 137.50 million in 2022. It’s also expected to reach USD 209.50 million by 2027 with an annual CAGR growth of 7.74% (2022-2027). Thus, it’ll be a great time to franchise your lifestyle business across Australia.

But you can’t just franchise your business because you want it. Though franchising is one of the most effective ways to expand a brand nationwide, there’re some issues. You must hire the right people to run your franchises to make your brand succeed. As per 2023 data, the failure rate of franchises is about 50%.

But finding ‘potential’ franchisees is easy for lifestyle brands.

Why would franchisees choose a lifestyle-based brand for franchising?

With the cultural change due to the COVID-19 pandemic and the emergence of new technologies, lifestyle-based brands have become more accessible to people. Running a lifestyle brand may not be a great choice for everyone. But with huge benefits, it’s easy to find ‘potential’ franchisees for your lifestyle-based franchises.

And here’re some greatest benefits people can enjoy as a lifestyle-brand franchisee,

1. They can run the franchises from anywhere.

• Nowadays most people want flexibility to remote working and lifestyle-based businesses offer that.

• Your ‘potential’ franchisees can run a lifestyle-based brand from anywhere in the world.

• They don’t even have to relocate somewhere to run your brand. All they’ll need is a strong internet connection. Visiting families can also be easy with lifestyle franchises without any issues.

• Hence, finding ‘ideal’ franchisees won’t be a big matter for you as a franchisor of a lifestyle brand.

2. The franchisees can enjoy an early profitability.

• Franchising any business needs some sort of investment from the end of the franchisees to grow the brand. But when it’s a lifestyle brand, they can enjoy early profitability.

• Lifestyle franchisees don’t even have to come up with a business plan to take the franchise of your lifestyle brand.

• Based on the popularity of your lifestyle brands, they can immediately start leveraging the huge profit from lifestyle brands.

• Thus, you can find ‘potential’ franchisees for your lifestyle brand without any hard doings.

3. They can pursue what truly matters to them.

• Most people would love to work on facts on what truly matters to them.

• While pursuing a lifestyle-based franchise model, your franchisees can fulfil their dreams.

• They don’t have to resign from their favourite hobbies to become a dedicated franchisee. They can turn their hobbies into an opportunity with a lifestyle-based franchise model.

• And as a franchisor, it’ll be a huge benefit for your lifestyle brand to find the ‘ideal’ people you want onboard.

4. Lifestyle-based franchisees can desire a standard of living.

• Running a physical business may require people to travel back and forth while franchising a lifestyle brand can offer flexibility.

• Your franchisees can choose whatever way they want to live while running your franchise unit and that too without compromising anything.

• If your franchisees are travel enthusiasts, they can travel year-round while fulfilling their duties as your lifestyle brand’s franchisees.

• Hence, people will always be interested in becoming a franchisee of your lifestyle brand.

5. Running a lifestyle-based franchise requires a minimal investment.

• Unlike traditional businesses, lifestyle franchises don’t require a brick-and-mortar setup.

• Anyone with a business mindset can become your franchisee, as it requires a minimal cost.

• All your franchisees will need is a computer and an internet connection, not an office set-up.

What are some lifestyle businesses?

Here’re some examples,

• Writing

• Cooking

• Teaching

• Blogging

• Photography

• Training

Final thought,

Can’t understand how to franchise a business across Australia? Well, consulting with a franchise expert can help you with that. But ensure that you’re talking with the right team.

Read More: ESSENTIAL TIPS FOR NEW FRANCHISEES TO SET YOURSELF UP FOR SUCCESS