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The Franchise Mantra

Franchisors and Intending Franchisors could use our franchise mantra, a road map, to franchise your business. We have created your ‘To Do List,’ which you must have as a resource document, while you go about franchising.

1. Information & Basic Research:

  1. Attend Free FranClinic
  2. Speak to Franchise Analyst
  3. Read books on franchising.
  4. Research the Internet on franchising a business
  5. Take the Franchise Quiz
  6. Evaluate All Expansion Options       
    1. Grow Internally
    2. Find Investors
    3. Franchise
      1. Business Format Franchising
      2. Dealership / Distributorship / Agency
      3. Licensing

 

2. Meet with a Franchise Consultant

  1. Visit the Head office
  2. How many years has the firm been in business
  3. What is the knowledge and franchise experience that the proposed team has?
  4. Is there a project head that will take complete responsibility of your franchising and you will not be lost with the other more important clients the company is working with.
  5. Are there systems and processes defined to help clients get success
  6. Review the client list and the previous work the company has done and seek referrals.
  7. Are they really interested in franchising your business correctly or are looking as another client who would add to their marketing activities.
  8. Are they accredited to the governing franchise association?

3. Are you moving forward with Franchising?

  1. Do personalized detailed meeting with specialized franchise consultants
  2. Talk with your chartered accountants, business advisors, close friends and relatives
  3. Make a realistic assessment of the resources you have to move forward in terms of:
    1. The Capital and Finances that you have.
      1. The Personnel
      2. The passion and energy that you have to make it happen
    2. the time
      1. To roll out your franchise network or will you need to fast track the recruitment of franchisees.
      2. To attract the initial consumer and then sustain the consumer vis-à-vis anticipated market changes.

4. Avoid these mistakes as you set out to franchise your business:

  1. Do not assume ‘franchising.’
  2. Do not get started with a P&L Sheet & A return on Investment document for a franchisee.
  3. Do not copy & paste bits and pieces of other successful franchise models.
  4. Hiring Franchise Managers and Employees will only ensure that you get their perspective of franchising.
  5. Its just not enough to have a lawyer do a franchise agreement and get started. Never start with a lawyer, have a complete strategy in place before you even think of getting a legal consultant.
  6. If you have never franchised your business before, it’s not easy to do so.
  7. Being a Franchisee is much different than running a franchise company.

 
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