7 Steps to Answer “How Do I Franchise My Business?”
There are many things to illustrate whenever you are asking “how do I franchise my business?” franchising is no doubt a proven way to gain growth rapidly. At the same time, you should also remember that it cannot be an automatic ticket to success. Most of the entrepreneurs desire that one day their brand will become a name common in every household. How is it possible? It can be possible with the help of a network of franchisees around the world. If you can franchise an effective and apt concept, then you will be able to expand your business successfully.
When you are thinking “how to franchise my business”, you should know the process first of becoming a franchisor. Well, this process of becoming a franchisor is lengthy. It requires a handsome amount of cost. You may qualify as sell franchises; but it does not mean that you will find buyers easily. According to the studies of International Franchise Association, out of 105, more than 40 companies have failed to report the sale of their first unit in the last half of the year 2009. So, you can understand that bit is not so easy. So, let’s try to make the way easy. Seven important steps of franchising are discussed below to help you:
Franchising a business:
If you want to t\franchise your business properly, you should consider seven steps that can bring success to your business. Let’s peep into the steps that can act magically.
There are a lot of things that you should evaluate. The main thing you should consider whether your business can be franchised or not. Other things that you need to evaluate are concept, financial capabilities, current market trends, predictions for future market etc.
II. Study of legal requirements:
You would need to go through a legal process in order to get your business franchised. It may not be possible for you to know each detail regarding the legal norms. So, it is better to consult an advisor or lawyer who is experienced in handling such things. According to his/her suggestion, you should further the process.
III. Effective model:
Model plays a very vital role in the entire process of franchising. You model should include fee and royalty percentage, terms and condition of franchise agreement, territories, geographic areas of your interest, type and length of the training program you are offering, the requirements of your franchisees, your marketing strategy etc.
IV. Paperwork & registration:
As directed by your legal advisor, you should proceed for paperwork and registration. Without being legally registered, your business would not opt for franchising.
V. Key hires:
In order to franchise your business, you should hire some staff members. These staff members are called key hires. These employees will help your franchisees.
VI. Sell franchises:
Now, this is a very vital step. You should convince potential franchisees to buy your business. You need to impress them by an effective strategy that seems to be effective, logical and well suited to the current market trends.
VII. Assist the franchisees:
It is the sole responsibility of the franchisors to guide the franchisees properly. You should arrange training programs for them to make them understand the nature and requirements of your business. They should be taught the terms, condition, policy and target customers of your business.
Now, hopefully, you have got the answer of your question “how do I franchise my business?” If you are satisfied with the answer, then don’t take much time to implement the steps discussed here. Best efforts will bring best results.
For more information, you can take assistance from the franchise Institution.