How to franchise my business
Do you have a successful, profitable business that you would like to grow and are considering franchising as an option but what to know how to franchise your 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 eloborate more on what you need to consider before you franchise your 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 documentatuin
- Franchise operations manual – This document records all day to day operations and forms part of the franchise agreement
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What is a Standard Franchise Agreement? A standard franchise agreement is a legal document drawn-up by a specialist franchise lawyer. A franchise agreement details the legal responsibilities and obligations of both the franchisee and franchisor. A standard franchise agreement falls under one of two types. Standard franchise agreement allows an individual or individuals to trade …
How do I franchise my small business? A small business owner may ask a Franchise Consultant, how do I franchise my small business? Franchising is often seen as a logical next step for business growth. The dream of growing a business empire, via a franchise network as a small business owner can be tempting. And …
Is my business ready to franchise? If you are seeking growth for your business franchising has been proven as a great way to achieve rapid and sustainable but you could be asking yourself is my business ready to franchise? Well in order to be ready to franchise your business you will need to ask yourself …
New franchise consultancy brand & website launched by Franchise UK parent company Infinity Business Growth Network Ltd, the parent company of leading portals including Franchise UK, Franchiseek & UK Franchise Opportunities has annouced the launch of a new franchise consultancy brand using the brand name Infinity Business Growth Network ( IBGN ). IBGN is a …
Master franchise Opportunites: What are they and why you should consider investing Although the basic concept of franchising is relatively simple, the model can become somewhat more complex when implemented in a real-life business setting. Different businesses use the franchise model in slightly different ways, with many adapting the basic principles of franchising to suit …
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What is the difference between a franchisor and franchisee? The franchise has helped to shape the modern business landscape. Without franchises, there wouldn’t be McDonalds, Subway, Pizza Hut, KFC, Europcar or Burger King and high streets in our towns and cities would look very different. The franchise model has enabled these companies to expand quickly …
What is a franchise? Although most people are aware of the term ‘franchise’, and many will have at least a vague understanding of franchise definition, there are still a lot of people out there who aren’t absolutely sure what a franchise is. Moreover many may be unsure of how it operates and how it differs …