How to franchise my business
Do you have a successful, profitable business that you would like to grow & are considering franchising as an option, have you asked yourself how to franchise my business? If so you have come to the right place as we are franchising experts and have many free articles and resources regarding franchising your business that can help you decide if franchising is right for you.
Is franchising right for my business?
When you franchise your business you need to consider the following;
- Franchisee & Franchisor relationship – Working with franchisees rather than staff is a completely different dynamic, they are business partners, not employees and the relationship will usually be a min of 5 years.
- Control – Franchising is a great way to grow fast, raise capital & build your brand but you are not as in control. Sure you have franchise agreements and other methods to manage your brand but essentially the people that run the day to day are in business for themselves and you will have obligations to them under the franchise agreement.
- Support – Franchise networks need support to function properly and grow. This can be tough on small businesses so you need to ensure you have enough time to assist your franchisees especially early on in their businesses
Is my business ready to franchise?
This is a huge question and in these archives we will elaborate more on what you need to consider before you ask yourself should I franchise my business but here are some of the key points to consider is my business ready to franchise;
- Do I have a successful & profitable business
- Can my business operate anywhere? Is their demand for your products/services in the areas you wish to expand?
- Can the skills be transferred? How specialised is it what you do? Can you train people to do what you do and achieve the same results?
- Support – Can you support new franchisees and have the resources to do so?
How to franchise my business, what will I need to franchise my business?
When you franchise your business you will need many documents including;
- Franchise deposit & franchise agreement
- Franchisee & Franchsior profit & loss & cash flow assumptions based on actual figures, usually first 3 years
- Franchise marketing materials including franchise prospectus
- Training & support documentation
- Franchise operations manual – This document records all day to day operations and forms part of the franchise agreement
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