How long does it take to franchise a business?
You have a successful, profitable business and are considering growing the business quickly through franchising but how long does it take to franchise a business?
This is a tricky question and will depend on the following factors;
- The type of business you operate within – Some businesses create & use more documentation that others and/or have other legal considerations when franchising so will take longer to franchise
- How well is your current business documented? – Do you run the business in your head, daily operations, contacts etc or do you have well documented systems and practices for running the business on a daily basis? When was your last business plan update for example? If you keep great records and have documented processes for the daily operation of your business it can be far easier & quicker to franchise your business
- How much time can you personally invest in the franchising process? – To create a franchise that truly reflects your business and that you understand you need to be involved else you could get yourself into all types of trouble, including legal. If any franchise consultant says that they will do 90% of the work then run for the hills! Anyway the more time you can invest the faster and more cost effective it will be franchising your business
To launch a franchise successfully and understand how long it will take to franchise a business you need a well written franchise launch plan written by a franchising professional considering the above points and other factors.
To arrange a free consultation with a franchising expert contact us as below.