Q. I wish to Franchise my business. How do I go about it?
A. In six words - Protection, Research, Analysis, Preparation, Recruitment and Communication.
But there are a number of critical steps you need to take before deciding.
Q. What are the critical steps I need to take before choosing to Franchise my business?
A. These are to:1 Understand the realities of Franchising Know the strengths and weakness of your business.
Determine the key 'wow' factor of your business which is unique to you Ask yourself why would a Franchisee choose to take a Franchise from me Q. What do I need to protect in my business?
A. It is essential to protect your Intellectual Property - such as your Trade Mark, Trade Name, Designs and Systems.
Q. What research do I need to undertake?
A. This relates primarily to three key aspects:1 Knowing your competition Knowing the market in which your business operates Knowing what competitive Franchisors are offering Q. What analysis do I need to undertake before Franchising my business?
A. Here it is important to:1 Analyse your strengths and weaknesses Analyse the past Income and Expenditure trends of your business Determine what income a Franchisee can earn Determine the Financial Linkages between you and the Franchisee Determine your Franchise Head Office costs Here it is essential to obtain professional advice regarding this analysis, as it is the determining factor whether it is wise and sensible to Franchise your business.
Q. What preparation do I need to undertake before Franchising my business?
A. Here there are a number of items which need to be produced, such as a:1 Franchise Information Pack Franchise Recruitment Process Franchise Operations Manual Franchising Training Programme Legal Brief prior to obtaining a Franchise Agreement Q. How can you help me with Franchise Recruitment?
A. Here we can:1 Signpost you to the most effective Newspapers and Specialist Websites Coach you in how to conduct the Interview Q. Why are Communications so important?
A. To be successful in Franchising you need to build a Franchise Community with the emphasis very much on communicating throughout the whole Network.
Q. How can you help me with the tasks I need to undertake to Franchise my business?
A. We take a flexible approach to the way we help our Clients. We have the capacity and expertise to undertake all the tasks listed. Alternatively we offer inter-active consultancy and mentoring programmes whereby we work with you to show you how to Franchise your business. We also provide a comprehensive range of document templates and can provide you, in conjunction with Mission Assist, with your own Franchise Communication Portal.
Q. How will this flexible approach help me Franchise my business?
A. It enable you to 'buy-in' only the help and assistance you need and minimise the cost of setting up your Franchise.
Franchise your business - To learn more about this author, visit Nick Strong's Website.
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