How to Franchise a Company
If you are interested in franchising your business there are certain steps to consider and guidelines that must be remembered to ensure an effective entrance into the franchising market.
Many interested entrepreneurs consider franchising as an ideal business option simply because it holds all the necessary requirements and training that they will need to start their own business.
With franchising you have an established trade and brand name, a proven effective business system as well as the necessary paperwork, training, tools and equipment and on going support necessary to keep your business on track. This is the reason why several established companies venture into the franchising world, not only will the business give more options for the interested applicants, but will also expand the company name and bring in more overall revenue.
Initially to franchise a company you will first need to review the business plan. Once you apply for the trademark and registration of the brand name and company you will be basing everything on your business plan from then on. Consider the changes you are likely to make once you put your company on the market as a franchise option. With this you will need to consult with the legal authority of a lawyer as well as that of an accountant or financial analyst to make the necessary estimates on the franchise shares and how much everything is going to cost. The cost of your franchise will be required in detail especially since this is what the overall business option will cost the interested applicants. Be sure to make all the necessary paperwork and review everything accordingly.
You must also consider the option of whether or not you are willing to offer financial support for the interested applicants. You may directly consider this or create partnerships with other companies. Either way consider that it is a good idea to have several options open for your customers. Include in detail the ways you may want to maximize your income, this includes the franchise royalties, rebates from suppliers, sales of supplies, services and equipment, property rental and other factors.
Next create your training and support program, this is where you will very well be training your interested entrepreneurs from scratch. More often than not people consider the franchise option simply because they have little to know knowledge of what it takes to run a business. Consider this at all times and make sure that the training you provide will be applicable for them. If you do not wish to consider those without the necessary experience then you may also create an assessment or list of qualifications which must be considered to candidate for application.
Lastly, create a uniform marketing and advertising program for your company. Even if the franchise is run by independent managers you will still want to be identified as a single unit so make sure that there are certain aspects that remain uniform so that customers and clients will still be able to recognize the trade name and company.
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