How to franchise your business
How to franchise your business
If you are ready to take the step to start selling your own business as a franchise, you’ll need to do a lot to make it viable.
Your business is a success. You have a cadre of loyal customers, strong earnings and a steadily expanding base. At this point, many business owners look to franchising their business as the next step. Though this is a good alternative, and potentially very lucrative, selling a franchise is a vastly different enterprise than running it. You’ll need to master new skills if you want to be a success in the highly-competitive world of franchising. Here is a brief list of what you need to be aware of:
1. Is your business a viable franchise? Some businesses lend themselves to franchising, while others do not. Before you take the plunge, you’ll have to do your homework. Are there any other similar franchises? What business models do they use? How saturated is the market? What will you have to change, add or remove parts of your business to make it attractive to a potential buyer?
2. The business is the product. When you were running your business you were selling a product or a service to your customers. Selling franchises is no different, except now the product you are selling is the business itself. Your pitch will have to be enticing enough to attract serious buyers who are capable of running their own business.
3. Your role will change. Where as before you were the owner/operator of a successful small business, now your role will change into something much different. Instead of managing the day to day operations of a store or shop, you’ll be acting as an executive overseeing numerous franchisees and ensuring your franchise business continues to grow. The responsibilities you have will be vastly different than those of a small business owner, and you’ll need to be ready for it.
4. You are starting over again. Just like with any other new business, you are going to experience the business cycle all over again. Starting out you may not have a lot of cash flow, your expenses will be high and you will have to spend a lot of time learning the ropes. As time goes on and your franchise business grows, new problems will arise just like they did when you were operating the original small business.
5. You will need to find good franchisees. Setting out into the world of franchising requires you to carefully watch over your brand. Finding strong, reliable franchisees is a key to this process. You won’t get very far if you sell your franchise to the first person who comes along. Make sure your buyers are competent and capable business owners.
6. Your franchise agreement is your foundation. If you decide to start selling franchises, drafting a strong, reliable franchise agreement is essential. This will be the most important document in your franchise business, so taking the time to ensure it is a quality product is a vital step. Even if you have to spend extra to consult a solicitor or franchising expert, it will be well worth the investment.
How to franchise your business - To learn more about this author, visit Ian Macleod's Website.
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HOW TO FRANCHISE YOUR BUSINESS
If you are ready to take the step to start selling your own business as a franchise, you’ll need to do a lot to make it viable.
Your business is a success. You have a cadre of loyal customers, strong earnings and a steadily expanding base. At this point, many business owners look to franchising their business as the next step. Though this is a good alternative, and potentially very lucrative, selling a franchise is a vastly different enterprise than running it. You’ll need to master new skills if you want to be a success in the highly-competitive world of franchising. Here is a brief list of what you need to be aware of:
1. Is your business a viable franchise? Some businesses lend themselves to franchising, while others do not. Before you take the plunge, you’ll have to do your homework. Are there any other similar franchises? What business models do they use? How saturated is the market? What will you have to change, add or remove parts of your business to make it attractive to a potential buyer?
2. The business is the product. When you were running your business you were selling a product or a service to your customers. Selling franchises is no different, except now the product you are selling is the business itself. Your pitch will have to be enticing enough to attract serious buyers who are capable of running their own business.
3. Your role will change. Where as before you were the owner/operator of a successful small business, now your role will change into something much different. Instead of managing the day to day operations of a store or shop, you’ll be acting as an executive overseeing numerous franchisees and ensuring your franchise business continues to grow. The responsibilities you have will be vastly different than those of a small business owner, and you’ll need to be ready for it.
4. You are starting over again. Just like with any other new business, you are going to experience the business cycle all over again. Starting out you may not have a lot of cash flow, your expenses will be high and you will have to spend a lot of time learning the ropes. As time goes on and your franchise business grows, new problems will arise just like they did when you were operating the original small business.
5. You will need to find good franchisees. Setting out into the world of franchising requires you to carefully watch over your brand. Finding strong, reliable franchisees is a key to this process. You won’t get very far if you sell your franchise to the first person who comes along. Make sure your buyers are competent and capable business owners.
6. Your franchise agreement is your foundation. If you decide to start selling franchises, drafting a strong, reliable franchise agreement is essential. This will be the most important document in your franchise business, so taking the time to ensure it is a quality product is a vital step. Even if you have to spend extra to consult a solicitor or franchising expert, it will be well worth the investment.
How to franchise your business - To learn more about this author, visit Ian Macleod's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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