Feedback Form
Home Features Mastermind Videos About Advertise Blog Network Contact
   

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?

Sales Lessons From Starbucks And Dell

How to franchise your business



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.

Like this article? Share it with your friends
[Get Copyright Permissions] E-Mail | Print | More  


Related Articles Related Articles
Franchising with all its Success
  This article shows point on why franchising is a better business venture.
About 60% of all franchise opportunities have less than 50 units.
  There are over 2500 franchise opportunities operating in the U.S., some of these franchise opportunities are larger systems but most of them are smaller emerging systems. About 60% of all franchise opportunities...
The best franchise systems all have effective leadership.
  The single most important factor in the long term success of the best franchise systems is effective leadership. When you look at the cause of every significant achievement or problem there is always one driving for...
Hiring a Franchise Lawyer
  Many assume that, because a franchise agreement is by nature a contract, any attorney is competent to review it. However, this is not necessarily the case. Franchise agreements are unique contracts, and only franchi...
Question Your Franchise Decision Making
  Deciding on a franchise may be one of the most important decisions you will make in your lifetime. Before rushing right into it out of sheer excitement, please take some time and ask yourself the basics.

Related Forum Posts Related Forum Posts
What are the reasons why you would NOT buy a franchise? What are the reasons why you would NOT buy a franchise?
Franchise business opportunities Franchise business opportunities
Off topic maybe Off topic maybe
A Franchise Business Is Not The Right Business For Everybody A Franchise Business Is Not The Right Business For Everybody
Re: Franchising Brokers vs Franchising Consultants Re: Franchising Brokers vs Franchising Consultants
Re: Which franchise would you buy? Re: Which franchise would you buy?
Franchising vs. Licensing Franchising vs. Licensing
Re: Financing a franchise with retirement funds Re: Financing a franchise with retirement funds

 
About the Author


Ian Macleod
(Visit Ian's Website)
Since 1990 RP Emery & Associates have supplied the business community and individuals with professionally drafted, ready-made contract templates. www.rpemery .com You can save thousands of dollars by creating reliable legal documents from your home or office computer. Simply open the document template you wish to use, insert all relevant details in the appropriate spaces, and go to print. It's that Easy! What’s more, you can use the same document template again and again atno further cost. Of course complicated legal matters require professional advice. However with access to the correct contract template which includes all the essential terminology , many straightforward issues are easily resolved. Our customers include individuals, small businesses, large public corporations, and the legal fraternity. We have customers who cannot afford to use high cost legal services and a great many who can – but simply choose not to.
Have A Suggestion?

View Author's Blog
Become An Author

View Author's Video
Become An Author

Free Downloads


Ian Macleod's

Complete
List Of
Franchises
Articles

First Name
Last Name
Email
 
If you enjoyed this article, get Ian Macleod's Complete List of Franchises Articles For FREE!

More Ian Macleod
How to spot a solid franchise opportunity
Ensuring Franchise Success
Franchise Agreements The Basics
How to franchise your business
What support should you get for your franchise
Franchising First Steps
Is Buying into a Franchise right for you
Retail Tenancy Agreements in Australia
Franchising Mistakes and how to avoid them
Which Franchise is right for you How do you choose
Become An Author