Businesses that have been set up with sufficient planning and research often achieve success in only a short time. They have been conceptualized properly and marketed aggressively. Sometimes, they’re not even the big-time enterprises but just an original business that started small and slowly expanded into several branches.
While some of these successful businesses preferred to stay solo in the place where they originally launched and with no other branches, there are some that have taken the franchising route. Franchising a business is one way to expand today and earn more profits. It’s also a great way to help aspiring business owners start an enterprise from which they can easily earn a steady income.
If you are thinking of doing this to your enterprise particularly when it’s about food or a service that’s so valuable to a lot of people, there are certain things you have to take into serious consideration.
Organize Details
The first most important step to take is to sit down with your business partner and create a business plan or manual with exact details and guidelines based on how you’re operating your own enterprise. The plan should include everything from the smallest (business cards) to the major details (signages, marketing, staff training and ongoing support). Your policies and best practices should also be included.
Get a Lawyer
Make sure that everything is legal which means you need to hire a lawyer who can give you professional and legal advice. Issues that should be covered are the franchise disclosure document, franchise agreement, pricing and intellectual property protection. Keep in mind that this is your original concept the reason why you need to protect it to ensure that no other person claims it for his benefit.
Screen Properly
You may be overwhelmed by the great number of people wanting to become franchisees of your business but be cautious and selective when choosing. It would be a good idea if you come up with a criteria on who is qualified to be a franchisee. Then schedule an interview with each of them to find out more about their background and aspirations.
When you have chosen the rightful franchisees, do make it a point to constantly monitor them. Let them know that any move to use your brand assets should have your approval. This way, you still have control of your brand and how it’s being used.
Pick Strategic Locations
Selecting the right location is very important. Factors to consider are accessibility and rental fees.
Support franchisees. Apart from constant monitoring, franchisors are also responsible for providing moral support to their franchisees. Frequent communication via phone or the internet may be needed initially or personal visits if the branches are only within your area or state. Thanks to the internet and mobile technology, you can save on travel costs.
Image via entrepreneurrookie
About the guest author:
Jeremy Hudson is a professional blogger that provides information on investing in franchise opportunities. He writes for BeTheBoss.ca, where you can find the best Canadian franchise opportunities.
Originally posted on October 30, 2013 @ 7:08 am