A Checklist for Franchising Your Business
A Checklist for Franchising Your Business
Legalities-Prepare a standard disclosure document. At minimum, the FTC requires every franchise to have a Uniform Franchise Offering Circular (UFOC) before offering franchises for sale in the U.S. Some states have additional registration requirements. Get ready to have literally hundreds of business issues spelled out in print.
Financials-Prepare audited financial statements. This is actually a required part of the UFOC so until your statements are audited, you won't be able to legally proceed with franchising. You'll need an accountant with experience in producing these audited statements.
Systems-This is the heart and soul of any successful franchise company. Every aspect of your business must be developed to the point where it is easily replicated. Then every detail must be documented.
Training-You will need a training program plus qualified people to provide the training. The better your training program, the more successful your new franchisees will be.
Marketing-Formalize your marketing plan. Remember, you will need two sales systems: one for your franchisees to follow that will drive customers into their units and one for you to use to recruit those new franchisees. Prepare marketing materials that can be easily duplicated.
Quality control-Create checklists, policies, procedures and tactics to ensure your systems are uniformly enforced.
Attitude-This is perhaps the most important item of all. You must be focused, positive, flexible, and dynamic-all at the same time.
A Checklist for Franchising Your Business - To learn more about this author, visit Mary Tomzack's Website.
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Companies have been franchising for more than 50 years now with varying degrees of success. Make no mistake, franchising a business is a major undertaking. There is a lot to think about-geographical and operational issues, potential competitors, financial investment, and much more. We thought it might be useful to break the process down into the essential to-do list for the prospective franchisor. It's not meant to be all-inclusive by any means, but it should give you an idea of what's ahead.
Legalities-Prepare a standard disclosure document. At minimum, the FTC requires every franchise to have a Uniform Franchise Offering Circular (UFOC) before offering franchises for sale in the U.S. Some states have additional registration requirements. Get ready to have literally hundreds of business issues spelled out in print.
Financials-Prepare audited financial statements. This is actually a required part of the UFOC so until your statements are audited, you won't be able to legally proceed with franchising. You'll need an accountant with experience in producing these audited statements.
Systems-This is the heart and soul of any successful franchise company. Every aspect of your business must be developed to the point where it is easily replicated. Then every detail must be documented.
Training-You will need a training program plus qualified people to provide the training. The better your training program, the more successful your new franchisees will be.
Marketing-Formalize your marketing plan. Remember, you will need two sales systems: one for your franchisees to follow that will drive customers into their units and one for you to use to recruit those new franchisees. Prepare marketing materials that can be easily duplicated.
Quality control-Create checklists, policies, procedures and tactics to ensure your systems are uniformly enforced.
Attitude-This is perhaps the most important item of all. You must be focused, positive, flexible, and dynamic-all at the same time.
A Checklist for Franchising Your Business - To learn more about this author, visit Mary Tomzack'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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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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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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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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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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