Steps to franchise your business
Franchising your business is a way to continue in the success particular business
beyond your personal capability to oversee and run that business. If you have people asking whether your business is for sale or not, then it is definitely time to consider the right move for your business. Here are the steps to make sure that you franchise your business in the right way.First step branding; to franchise your business needs to be branded. When people look at a business for sale, the biggest draw to buying into a franchise rather than starting a new business is the value that comes from recognizable branding. If you have a good logo, quality name, and reliable service that is associated with your brand and your product, then not only will customers buy it, but franchisees will buy it, too. Spend the time and money it takes to brand your business well so that it will recognizable and desirable.
Second step is a system; When somebody is looking for a franchise opportunity, it means he or she desire to own business and is looking for a business plan that is proven to work. When deciding to franchise your business, it is imperative that you develop the system that franchisees will follow.
This is important because you want your future franchise owners to succeed for themselves and you want them to appreciate being a part of your franchise. Another reason is that you want to make sure that your franchise owners are not giving your business a bad name. By providing a system that represents you and your business well, you allow everyone involved in franchise your business opportunity to provide a unified business model that customers will appreciate.
Third step is the supporting service; Franchise investors are looking for business for sale because they want assistance. It is critical that just as you work to maintain customer service and support with your customers that you develop and maintain service and support with future franchise owners. The number one priority for most franchisees is that the franchiser provides extensive training on how to run the franchise and ongoing support throughout the course of the business to ensure them that they will not be left alone.
Forth step is the financial arrangements
; You want franchise your business to be a good value. Something that people will want to invest in and feel like they are going to profit from being a part of your business. You also want to make it clear that your business is to be taken seriously, and there is an element of personal investment and risk involved in not putting everything you have into running a franchise. It is important to understand the agreement you will have between franchise owners, what costs you will charge, what percentage of profits or fees will be paid to you to maintain service, support and supply.Fifth step is recruiting franchisees; You have decided to franchise your business. It does not means much if there is no one that wants to purchase a franchise from you. There are a variety of websites that provide matching services and lead generation for franchisers. Decide what fees you are willing to pay, what costs you can dedicate to advertising and recruiting and find a way to promote your business.
Sixth step is becoming a franchiser; Seek expert advice from the well known franchise association. It is invaluable in providing a wealth of unbiased step-by-step information for potential franchisers. Research the market to ensure that products and services are competitive, valuable, and desired in multiple areas. Test the franchise in the form of a pilot operation lasting at least 12 months or longer. Establish a central management core. This will probably mean turning over your original business to competent successors so that you can focus on managing your operation as a whole. Finally, develop marketing, sales, and advertising strategies to promote the franchise network.