How do you franchise your business?
Franchising is a great way to quickly and cost effectively grow your business but how do you franchise your business?
There are several steps you need to take to successfully franchise your business including;
- Franchise feasability study – First you need franchising expert advice to see whether your business is ready to franchise. This will consist of many apsects including history & profitability of the business, business sector analysis, if the business can be transferred & infra structure planning to ensure you have enough resources to support your growing business.
- Franchise documentation – There is a lot of franchising documentation you will need to franchise your business including franchise agreements, franchise operations manuals, training manuals plus financial forecasts and marketing materials including a franchise prospectus.
- Franchise marketing strategy – Once you have completed the above you need to find your ideal candiates to run local franchises so you will need a franchise recruitment strategy to find suitable individuals.
- Franchise recruitment – Franchisee recruitment is very different to recuiting staff, franchisees are not staff they are business partners and the process is completley different. Many new Franchisors find this aspect extremely difficult, maily because of the huge amount of time required to follow up leads properly so there are several companies that offer franchise recruitment services to new Franchisors.
To learn more about how to franchise your business complete the form below to arrange a free consultation with one of our franchising experts