Franchising Your Business – How To?
Franchising your business is a good idea for faster business growth. you need to look at various options and make certain practical decisions.
Given below are 6 tips that will help you in beginning franchising your business.
1. Draft a Business Plan
To begin a franchise, you need a definite plan in terms of the number of franchises you would want to open, the locations, and the kind of business it needs to do. The individuals you get in touch with regarding the franchise need a clear concept of your business, and its goals. The franchisee (the person who owns the franchise) needs to be given clear directions on the way the business needs to run and the amount of profit it needs to make in the fixed period of time.
2. Keep legal points in mind.
It is essential to know the company laws of the country you are operating in. The franchisee also needs to be made aware of the laws. Any deviation from what is laid down in the rule book could land you or the franchisee in trouble.
3. Your Path to success.
Every business owner has an idea of how to grow his or her business. And every business has a pace that it can handle. Therefore, you need to be clear on the goals and how much to achieve in each phase of your business.
4. Analyze the franchisees.
You cannot allow just anybody to become your franchisee. Run background checks. Conduct interviews. And take time to evaluate potential candidates. Even the, observe, research and analyze the franchisee before directly handing him your business. You need to learn to get a feel for whom to choose in order for your business to grow. Learn how to work with the right people. Not everyone is a good fit.
5. Know where to draw the line.
Though you are the owner, allow some decision making to be in the hands of the franchisee. He or she is the owner of that particular franchise and has the right and the knowledge to make the decision regarding his area of expertise. Keep the main decisions with you, but give the franchisee a little freedom and space in order to make their smaller decisions. After all, they are your business partners.
6. Back the franchisees.
Even if the franchise has a local owner, the business head should take keen interest in the growth of the franchise and help the franchisee perform better. For instance, with marketing campaigns that are also designed to support the local franchisees, the owners can help increase the sale at particular outlets.
Following the above-mentioned tips can definitely help you in building a healthy franchise.
About The Author
Alam Qureshi is a Certified Business Intermediary (CBI), Certified M&A Professional and Broker of Record at ProClient Brokers Inc., Brokerage. He helps franchisors in expansion of their brands and assist franchise buyers find right franchise in their situation. Call us 416 364 5550 or CONTACT US to get in touch.
Date modified: 10-26-2019