Your guide to turning your business into a franchise
While this sounds like an interesting prospect, it is not to be taken lightly. The process of turning your business into a franchise begins long before you even consider who you want your potential franchisees to be. Here are some of our steps we think you should be taking in the process.
1. Is franchising for your business?
Have a think about your business. How does it work? How do you operate the day-to-day operation? What are the key elements involved? A potential franchisor will need to know these details if they are to run their own franchised business.
Hire help from professionals
Unless you are a wiz in all things franchising, you’ll probably need an expert giving you advice. You’ll have to begin with filling out a Franchise Disclosure Document, which may require a lawyer present to go through the formatting and process. You are also going to need to organise the pricing strategy of your franchise and create your franchise agreements amongst other items.
2. Develop your strategy and build on the brand
It is important that you keep your brand culture and attitude towards customers consistent across the franchise. The brand is one of your most valuable assets, and therefore when you give franchisees the opportunity to showcase your brand, you need to make sure the messages to your customers are consistent.
3. Consider locations
Are there any locations which make the most sense for your business? Are there any areas where the market is untapped or particularly relevant to your business? Are there any areas where you already have brand recognition? You might want to start building locations closer to your headquarters. This will make it easier for you to oversee operations and visit more often to ensure smooth integration and implementation.
4. Market the franchise
There is a lot you will have to do in the process of building your franchise, but if you have the right team with you and the right advisors, you’ll find you’ve built your franchise before you know it. Once you’ve built the franchise, you are going to have to market it. This means start building on your brand awareness and building a pool of loyal customers… which is just the beginning.