Franchisors and Intending Franchisors could use our franchise mantra, a road map, to franchise your business. So, we have created your ‘To Do List,’ which you must have as a resource document, while you go about franchising.
Information & Basic Research:
- Attend Free FranClinic
- Speak to Franchise Analyst
- Read books on franchising
- Research the Internet on franchising a business
- Take the Franchise Quiz
- Evaluate All Expansion Options
- Grow Internally
- Find Investors
- Business Format Franchising
- Dealership / Distributorship / Agency
Meet with a Franchise Consultant
- Visit the Head office
- How many years has the firm been in business
- What is the knowledge and franchise experience that the proposed team has?
- 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.
- Are there systems and processes defined to help clients get success
- Review the client list and the previous work the company has done and hence seek referrals.
- Are they really interested in franchising your business correctly? Else are looking as another client who would add to their marketing activities.
- Are they accredited to the governing franchise association?
Are you moving forward with Franchising?
- Do personalized detailed meeting with specialized franchise consultants
- Talk with your chartered accountants, business advisors, close friends and relatives
- Make a realistic assessment of the resources you have to move forward in terms of:
- The Capital and Finances that you have
- The Personnel
- The passion and energy that you have to make it happen the time
- To roll out your franchise network or will you need to fast track the recruitment of franchisees.
- To attract the initial consumer and therefore, sustain the consumer vis-à-vis anticipated market changes.
However, avoid these mistakes as you set out to franchise your business:
- Do not assume ‘franchising.’
- Don’t get started with a P&L Sheet & A return on Investment document for a franchisee.
- Do not copy & paste bits and pieces from similar successful franchise models.
- Hiring Franchise Managers and Employees will only ensure that you get their perspective of franchising.
- To design the franchise agreement needs more than a lawyer.
- Never start with a lawyer, have a complete strategy in place before you even think of getting a legal consultant.
- If you have never franchised your business before, it’s not easy to do so.
- Being a Franchisee is much different than running a franchise company.