Like any business decision, the process of franchising is not and should not be taken lightly. There are many decisions that need to be made that could become very costly without the right considerations.
Two main questions you must ask yourself when looking to grow your business are:
1 – Is franchising the right growth strategy?
2 – Is the business able to be franchised?
Ask yourself two main questions.
These questions can only be answered after reviewing your business and determining if franchising is suitable for your business this process is called the Business Viability Review. If the outcome is that your business can be franchised, the next phase is the Network Design this is where we will confirm the financial modeling and fee design and growth plan.
The ability for the franchisor to monitor compliance, roll out new initiatives and use the latest technologies are all part of becoming a great franchisor. Professionally written and well laid out manuals gives the Franchisees the best possible start to ensuring that the systems they are meant to follow have been well developed and documented.
The completion of the Franchise Agreement and Disclosure Documents are the next steps towards franchising. These will identify key operational and structural guidelines that the Franchisees must adhere to.
Complete the franchise agreement and disclosure documents
Finally, you will have to plan for the launch, which is a very exciting time, when taking into consideration the beginning of a new Franchise Business and assessing potential franchisees that perhaps will become part of your ‘family’ in the near future.