So, you’ve determined your franchise feasibility and now what? You’ve got a franchise for sale, but where do you go from here? Well, now comes the hardest part – oh, and did I mention the most fun part as well!
When people decide to buy a franchise, it’s not because they love whatever product or service you’re selling. Sure, they might like that aspect of your business too. But, what they’re really buying into is a system. People buy franchises because they’re proven and they’re secure. They want something they will be able to replicate on their own with a higher chance of succeeding than if they started off on their own.
To that end, you need to give prospective franchisees something to work with. Not everyone who will be interested in getting into bed with you will be a seasoned pro. Some might be just as novice as you when it comes to setting up a franchise. You need to give them a clear structure and support system that will give them the confidence they need to come onboard and run a successful franchise.
What you need to do before you can put up your franchise for sale is develop a franchise plan. I know, I know, you thought you’d be finished with plans forever after you drew up your business plan! Sorry to break it to you, but yes, you need to do another one. After all, a franchise plan is quite different from your original business plan. In this plan, you will have to outline in detail all the steps you need to take to expand and your strategy for the next five years. It is here where you also need to establish the franchise fee, how much you will require franchisees to pay you in order to set up their own shop.
Don’t get too excited once you’ve finished your franchise plan – there’s more planning to go! You need a manual that describes your operations in detail, so that franchisees can adequately replicate your system. Following from that, training manuals and a system of support need to be set up in order to ensure quality control across your chain and help your franchises get off the ground running. Also, don’t forget the all important marketing plan. Create a website, a video, a brochure – anything. Prospective buyers won’t know how great your franchise is unless you tell them about it!
Once all your planning is done, you need to make sure your business is legally ready to be franchised. Have you drafted a franchise agreement and registered yourself with the appropriate state/provincial/federal powers that be? Is your trademark or brand name – the very thing that franchisees will be buying into – registered so that your intellectual property is protected?
Putting up a franchise for sale is no easy feat. It is scary both in concept – giving away a piece of your baby, your business – and in practice. But time again has proven that with the proper preparation, franchises have the power to expand rapidly at all of the local, national, and international scales.
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