How to franchise a business idea
Have you created a great new business concept, grown it locally organically and now are considering franchising a business to grow nationally and/or internationally but asking yourself who to franchise a business idea?
This is a nice position to be in and is very typical of the beginnings of many successful franchise businesses. Innovating a new business idea or product that’s new and in demand in the market is quite rare and offers great opportunities to grow rapidly through franchising.
In terms of what you need to do to franchise your business idea the process is the same as for any business and the key steps are as follows;
- Franchise feasability study – Can the business be transferred to local markets and skills to incoming franchisees?
- Franchise territory planning & mapping
- Franchise business plans & franchise business modelling
- Franchise documentation including franchise agreements, franchise operations manuals, training manuals and other documentation needed for the launch and daily operation of the franchisee
- Franchise lead generation & franchisee recruitment strategy
If you are considering franchising a business idea we can help you at every stage, for an initial free consultation with one of our franchise experts please complete the form below