Franchising your business can be a very successful method for expansion if you take your time and do it properly. Here's an overview of the steps involved and typical timeline.
Franchising Your Business
Your goal is to ensure that your franchise system has the ability to consistently and sustainably replicate your brand standards from location to location.
Before you engage with a franchise consultant, here are four qualifying questions that we suggest you ask.
The better prepared and positioned a company is to expand through franchising, the better the chance of establishing a solid network of franchisees and protecting the brand.
The criteria used in determining franchisability should be appropriate for your industry and business, and will generally fall into these interrelated and interdependent major buckets.
In Part Three of the Threshold Analysis, we’ll cover the different classes of franchisees and how to determine which class or classes you should be focusing on as you conduct your analysis.
For those of us experienced in franchising, we are often amazed when companies considering the establishment of a new franchise system begin the process at the end – the development of the legal agreements.
Here in Part Four, we’ll cover the support system and fees to consider for your franchise system during the Threshold Analysis.
How to analyze your ability to expand your franchise system in the threshold analysis, including market development strategy and comparing indirect and direct methods of franchise marketing.
As gingerly as I could, I explained to Marvin that he was already a franchisor - and his only problem was that he had not done it legally.
Franchising can be an amazing vehicle for building wealth – in good times and in bad. The leveraging of resources to expand a brand makes it a great growth vehicle.
The rules governing franchising do not guarantee that the underlying business is sound, or that the franchisor has the experience, skills or resources to be effective.
Franchising is ancient and is not limited to fast food, video rentals, or automotive services. It finds its roots in ancient China and was used primarily by governments throughout the Middle Ages.