Like any long-term business decision, the process of franchising 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 to consider 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. After deliberation, the outcome is that your business can be franchised, the next phase is network design, where you confirm the financial modeling and fee design and growth plan for your franchise.
The ability of the franchisor to monitor compliance, roll out new initiatives and use the latest technologies are all part of becoming a successful franchisor. Professionally written and produced training manuals give franchisees the best possible start, ensuring that the business systems 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 franchisees follow.
Complete the franchise agreement and disclosure documents
Finally, any interested franchisor will have to plan for the launch, which is a very exciting time. The launch of your new franchise comes with its own long list of procedures to fulfill and complete.
Although the franchising process is not simple, many have found it to be completely worthwhile.