How to Franchise Your Restaurant
If you own a restaurant business and you have more than one store locations, maybe it is time for you to franchise your restaurant.
This way, you will be able to expand your business without spending on a lot of things. Here is a quick guide on how to franchise your own restaurant business.
The very first thing that you should do if you like to franchise your business is to research on the industry itself. You can utilize the internet to help you find the right information that you need. You can use your favourite search engine and type in your desired keyword. It is also important for you to be knowledgeable of the things which involve the franchising industry itself. Determine all of your benefits in franchising your own restaurant business and if you want, you can study on the different disadvantages as well so that you may be able to devise an effective plan to somehow overcome those disadvantages.
After you have made yourself familiar with the basic things which involve the franchising industry, the next step is for you to make a Uniform Franchising Offering Circular. This is also known as the UFOC which states the agreement between your business and your franchisees. The UFOC should contain a detailed description about the company itself; also this should include all the financial matters such as the amount that the franchisee should pay as a franchising fee, the royalty fee that you will get, and your marketing and advertising strategies.
To convince entrepreneurs, it would help if you will make a presentation about your company so that they may be able to understand and determine the benefits that they will get if they will become your franchisees. You presentation should include the history of your business and how it evolved over the years and how it is different among any other businesses of the same type.
To find franchisees you must advertise your business. You can either post on newspapers or just use the internet. Also, it would help if you will have road shows so that potential franchisees will be able to witness your business personally. If in case that you have decided to have road shows, do not forget to include the details on your advertisement so that potential franchisees will be able to know on where and when they can see one.
You should consider having a training centre for your franchisees. This will serve as a place for them to know more on how they will be able to run the business just like what you have done to yours. Also, in this centre they will be able to train themselves on the specific processes involved in the operating the business itself.
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