How to franchise my small business?
So you have small business which is already successful and are considering franchising the business to grow, so how to franchise my small business?
We are experts at helping businesses to franchise their business and we use the following steps;
- Feasibility study – First we need to find out a lot more about your business. Successfully franchising a business isn’t something you do off a production line with a fixed fee and lot’s of templates. Whether you are buying a new franchise or want to franchise a business properly, you need to look at the market, background & trading history of the business and see if the business is both relocatable & others can be trained to run them business as successfully as you have.
- Documentation – Franchising a small business with require a lot of documentation to be completed. This will include areas such as trade mark protection, possibly new company incorporation and franchise documents such as deposit & franchise agreements, franchise operations manuals, training manuals, franchisor & franchisee business plans including financial forecasts. To do this properly you have to be involved, buying templates or just signing up for a fixed fee from someone that claims to do all of the work is not the way to create a successful franchise business. You know your business, you know why it works, the competition and exactly how the business needs to be run, if you are not involved at this stage and just pass on information by email & phone without direct involvement how can you be sure this will translate properly to you new franchisees and be inline with your long term business goals?
- Recruitment – You are not a franchise business ( Franchisor ) until you recruit your first franchisee, this is going to take franchise recruitment leads. Conversions on franchise recruitment leads are low, they can be as low as 1-3% so a long term and reliable flow of franchise leads is absolutely vital, particularly in your first year.
To find out more about how to franchise your business & book a free initial consultation please complete the form below;