Franchising is one of the most exciting and enterprising industries in the world today. More and more businesses have come to embrace and utilize franchising as a means to expand their business. Franchising one’s business is a great way to continue with the success and growth of one’s business empire. It is also an interesting way to expand the horizons of one’s business beyond their personal capability and their operating boundaries with minimum capital requirement. If you have people asking if your business is for sale or if you provide franchise opportunities, then it’s definitely the right time to consider whether or not franchising is a right move for your business or not!
Global outreach and presence is yet another goal that becomes quite achievable through franchising. Franchising allows a business to expand its global footprint rapidly, and thereby building upon the global presence and further boosting brand awareness.
There are few practical steps to franchising that need to be taken care of; in order to start the process of evaluating one’s business to see if franchising is feasible. Once one has decided on the franchising route then a clear plan of action is required.
The most important steps to franchising is to ensure that one’s business model is well thought out; a system is in place that can be conveyed to new franchisees, the system should be such that it can be easily duplicated and monitored. The standard operating procedures and manuals should be prepared so the franchisee can refer to it whenever required.
The second step is to chalk out a marketing plan for your brand. The logo, the name, the mission and vision statement should all be thought of sincerely. Since you intend to now go national or global it is important for you to appeal to the global audience you will be catering to in the near future. A good brand image not only helps you sell your product/ service but also helps you sell your idea to potential franchisees. Spend the time and money it takes to brand your business well so that it will be recognizable and desirable. The extra buck spend initially will go a long way.
The third step to franchising is to rethink your priorities. As an individual business owner, you have probably been solely focused on your business’ performance. Franchising will require a shift in your thought process and priorities as you become the head of a franchised company. Not only will you be responsible for marketing and attracting new business, but also for training and supporting the new franchisees as they get their businesses off the ground. You will now need to focus on the macro scenario of your business and segregate yourself from micro management and day to day operations.
Under the fourth step to franchising your business, you need to decide on the initial franchise fee and the ongoing royalty payments. There are several legal agreements which need to be prepared in order to put your franchise on the market, from the franchise kit, the Franchise Disclosure Document (FDD) to the ultimate franchise agreement. A franchise operations manual and franchise training program are developed, often from scratch, to impart business operating skills to the franchise owner as well as ensure uniformity of products and services.
Under the steps to franchising, the final phase comes when you need to create all franchise information 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. Marketing your franchise is essential because it will provide all the franchise information to the potential buyers.
Franchising has tremendous advantages for business’s growth. But before franchising your business you need to be clear of your concepts and the operations using which you want to franchise your business. Accordingly make your business plan and the franchise plan. So, start franchising your business in order to make fast growth of your business.