How To Franchise Your Business

The first step in​ franchising your business opportunity is​ to​ start by analyzing your business model. is​ it​ profitable after allowing for your franchise fees? if​ it​ is​ profitable and has well defined objectives to​ exploit the​ opportunities in​ the​ market place then you​ are ready to​ move to​ step two.

Can the​ business model be easily taught? There is​ no point in​ having a​ profitable business opportunity if​ it​ can not be duplicated by your franchisees. a​ training package must be devised that assumes that the​ franchisee has no prior business experience.

Step three is​ to​ create a​ detailed and well laid out operators manual. This should be divided into two parts: one section for the​ franchisee and one section for the​ employees of​ the​ franchisee.

Step four is​ to​ decide on​ the​ initial franchise fee and the​ ongoing royalty payments. in​ the​ initial stages of​ launching the​ business franchise,​ the​ franchise fee will have to​ be kept at​ a​ very low level to​ entice the​ first batch of​ franchisees. Once you​ have some franchisees running successfully then you​ will be able to​ increase the​ initial payment.

Step five is​ to​ create an​ ongoing support system for your franchisees. Some will require more support than others. a​ few will need more training. you​ will need to​ decide at​ this point who is​ going to​ actually carry out the​ training. Many franchisors outsource the​ training aspect to​ a​ qualified training company. This means that they can focus on​ the​ critical aspect of​ running and managing the​ business.

Step six is​ to​ devise your franchise agreement with the​ help of​ a​ decent franchise lawyer. There is​ no point in​ cutting costs as​ this will end up being the​ cornerstone of​ your business opportunity.

Step seven is​ to​ create all the​ marketing material including brochures and video presentations to​ market your franchises. you​ will also need to​ decide where you​ are going to​ market your business opportunity. There are now a​ multitude of​ mediums where you​ can promote your franchise ranging from franchise exhibitions,​ franchise magazines and franchise websites. Many companies even advertise their franchise offering in​ the​ national press.

Bear in​ mind that the​ above steps will be under constant improvement as​ the​ franchise network grows. All the​ marketing material,​ ongoing support and training will have to​ be developed as​ weaknesses are discovered.

Some of​ the​ franchisees will have to​ be treated like children as​ they will never have managed a​ business before. Not only will you​ have to​ teach them how to​ mange your franchise but in​ some cases you​ will have to​ also train them into how to​ use a​ computer and basic accountancy skills.

Finally,​ a​ system will have to​ be created to​ deal with franchisees that are deemed unsuitable after they started managing their business. No matter how comprehensive the​ recruiting programme is,​ it​ will be very difficult to​ weed out all the​ unsuitable candidates until they actually start running their business.

Finding the​ right franchisees,​ training them properly in​ all your systems and providing full ongoing support should reduce the​ numbers who end up failing as​ business owners.
How To Franchise Your Business How To Franchise Your Business Reviewed by Henda Yesti on December 24, 2017 Rating: 5

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