Franchising your business can be extremely lucrative. It is one of the fastest ways to grow a concept. Suitable for a wide range of sectors, franchising is an exciting way to introduce your brand or idea to a potentially huge audience. KFC, Pizza Hut, Budget Blinds and Interim Healthcare are among the world’s top franchises. Your brand could join them. But, before you start dreaming of early retirement, it is worth knowing that creating a franchise can be complicated.
As a franchise expert with more than 14 years’ experience, I help people just like you avoid the common pitfalls that can finish an idea before it gets off the ground. I have been both a franchisor and franchisee, so I have seen the benefits and challenges from both sides of the coin. This brief guide will explain the main hurdles you will have to overcome to make your franchise a success.
THE LEGALITIES OF STARTING A FRANCHISE
In order to start a franchise you will need to ensure your paperwork is in order. As a rule, the minimum you will require is a standard disclosure document. This is actually more complex than it sounds. A typical Franchise Disclosure Document has to explain, in print, the inner workings of your business. Seek professional advice before putting pen to paper. Getting this right will put you on a firm footing for the future.
You will also have to consider the financial side of things. Make sure you have audited financial statements prepared. This is because you won’t be able to legally start a franchise without them. Professional help from an experienced accountant is essential.
FRANCHISE SYSTEMS AND TRAINING
In order to launch a new franchise successfully, you will need to develop robust systems. Consider them the engine room of your enterprise. Develop every aspect of your business so that it can be easily standardised. Replication is what franchising is all about, so standardising everything is pivotal. The devil is in the detail. Make sure you prepare a comprehensive, clearly documented Operations Manual.
Just like the concept of your business, training must also be standardised. You will need to develop a credible training programme. High-quality training, delivered by qualified professionals, will help you sell your concept to franchisees.
FRANCHISE MARKETING AND QUALITY CONTROL
Franchising requires two marketing strategies. One will be for your franchisees. A core message, strong product or service branding and compelling calls to action will be needed to drive customers to their businesses. Make it bold but simple enough to be replicated anywhere and everywhere. Think about what your business stands for. What makes it unique? The second marketing strategy will be needed to attract and recruit franchisees – and, of course, generate revenue. What makes your franchise worth investing in?
The key to everything in franchising is quality control. Whatever your franchise is selling, put quality at the heart of it. Develop processes that include checklists, policies and also procedures to ensure your Operations Manual is uniformly enforced.
LEARN MORE ABOUT STARTING A FRANCHISE
Having the right attitude is the cornerstone of success in franchising. Being focused, positive and flexible is crucial. Expect to face challenges and be prepared to overcome them. If it all sounds a bit daunting, you will be pleased to know there is expert support available to guide you through the franchise process. I offer the Complete Franchise Package. It is designed to help you save time and speed up the franchising process.
It includes, among other things:
- A franchise model and blueprint
- An analysis of the potential competition in your marketplace
- A fully customised franchise website, optimised to increase online visibility. It also includes tools to help you make the best use of your analytics
- Legal documents
- Help to formulate your franchise Operations Manual
- A business plan and financial forecasts
- A marketing and recruitment plan
Find out what else my Complete Franchise Package includes. Contact me today on 07885 490266 or email firstname.lastname@example.org