As the business matures the business owner evaluates his expansion plan beyond his country. Franchising internationally requires a more meticulous approach when compared to expanding in the home country. The business need for franchising should be discussed with several entities such as International franchise consulting firms, Legal counsel, Industry Associations, and other entities who can enable international franchising for you. Few are the recommended checklists that might help you in preparing your own International franchising checklist.
International franchising checklist:
- The requirement of competent staff for taking your business Global
- Clear about the licensing terms and conditions
- Country Risk Analysis
- Know about your competitor in a new zone
- Experience and network of your International franchise consultant
- Apply for your registered trademarks, patents, and other intellectual property rights
- Process followed for lead generation and conversion
- Market acceptability for your products and services in new territory
- Financial planning and outlay of funds
- Contract Management and other disclosure documentation
- Master franchise agreement and fee finalization
- Moreover, preparation of Operations as applicable for that country
As you have noted all the above-mentioned points. Furthermore, the next step is to speak to the franchise consultants about the further procedure of franchising your business.