So your going to franchise your business. The first thing you need to do is ask yourself these questions:
Is there profit potential with my business?
Is my business unique enough to franchise?
Do I have a good story that people will want to buy?
What can I offer to franchisees that they couldn’t get anywhere else?
In franchising there are so many critical details you must look at before you’re able to make an educated decision on your business future. Determining the answers to these four questions is an excellent first step. If you’re unable to answer these with confidence, it may be time to step back and reconsider your desire to franchise. There’s nothing wrong with that — it just may not be the right time for your business.
With that said, it is nearly impossible to know everything there is to know about franchising if you’re just getting into the industry. There are companies with 15+ years of franchise experience that are still learning new things every day. One of the most advantageous things you can do in these early stages of your franchise is to enlist the help of industry experts.
There are a number of resources available to you as a business owner, and it’s important to take advantage of those resources right from the start of your franchise system. It’s also important to consider hiring a franchise lawyer to help navigate all the legal paperwork you will have to conduct prior to rolling out your franchise program.
Another useful resource as you maneuver through the minutia of the franchise world is my book, So You Want To Franchise Your Business. It’s a comprehensive guide to help you understand each step you need to take before franchising, the legal documentation you will need before that starts and best of all, it will answer all four of those burning franchise questions.
So you have decided to franchise your business. Give me a call to receive a free consultation and purchase my book, and get franchising today!