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The Ten-Part Checklist You Must Complete Before You Take Your Franchise Concept Abroad
| Guest post by: Mary Tomzack |
Article Overview: Deciding to go international with your franchise business system your franchise business international is a huge change. How do you make sure that you do it the right way? Below is our ten-point set of tips for taking your franchise concept global the right way.
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The Ten-Part Checklist You Must Complete Before You Take Your Franchise Concept Abroad
10 Tips to Help You Expand Your Franchise System Internationally
Taking your franchised business concept international is a huge move. How do you make certain that you are doing it the right way? Here's a ten-part guideline to making the right choices as you take your system global.
1. Take the long view.
Going international should be a strategic decision. Senior management must be willing to build a solid foundation for a successful international business on an ongoing basis, not just to make a couple of deals for the initial fees.
2. Start with a plan.
Establish a business plan with achievable goals and a realistic budget for international development. Don’t jump on leads until your plan is in place.
3. Protect your brand.
Apply for trademarks early—before you start to market in a country. And don’t ever let a candidate do it for you!
4. Have a documented system for each country.
Your training, support and marketing programs must be based on a business model that can be transferred to another country and culture.
5. Establish a good track record at home.
Viable international candidates will do their own due diligence. If they don’t want to know how your business is doing and has done in your home country, they’re not good candidates.
6. Clearly define your market and competitive advantage.
Candidates must be convinced that your business can compete in their marketplace with a new and different concept. The better you know the new market, the better your negotiating position with potential partners.
7. Set up an Intranet.
It’s the most cost-effective way to manage your organization and provide international training and support. And it’s accessible 24/7 in any time zone.
8. Be ready to monitor and enforce your business systems.
Get system standards and reporting processes in place and follow through just like you do at home.
9. Perform the necessary due diligence.
You must know who you are dealing with to avoid unpleasant surprises in the future. There are services available to help you find all the details you need.
10. Borrow some experience.
Experienced target country advisors could help you minimize mistakes in market entry. They can also help conduct due diligence.
Related Articles1. Take the long view.
Going international should be a strategic decision. Senior management must be willing to build a solid foundation for a successful international business on an ongoing basis, not just to make a couple of deals for the initial fees.
2. Start with a plan.
Establish a business plan with achievable goals and a realistic budget for international development. Don’t jump on leads until your plan is in place.
3. Protect your brand.
Apply for trademarks early—before you start to market in a country. And don’t ever let a candidate do it for you!
4. Have a documented system for each country.
Your training, support and marketing programs must be based on a business model that can be transferred to another country and culture.
5. Establish a good track record at home.
Viable international candidates will do their own due diligence. If they don’t want to know how your business is doing and has done in your home country, they’re not good candidates.
6. Clearly define your market and competitive advantage.
Candidates must be convinced that your business can compete in their marketplace with a new and different concept. The better you know the new market, the better your negotiating position with potential partners.
7. Set up an Intranet.
It’s the most cost-effective way to manage your organization and provide international training and support. And it’s accessible 24/7 in any time zone.
8. Be ready to monitor and enforce your business systems.
Get system standards and reporting processes in place and follow through just like you do at home.
9. Perform the necessary due diligence.
You must know who you are dealing with to avoid unpleasant surprises in the future. There are services available to help you find all the details you need.
10. Borrow some experience.
Experienced target country advisors could help you minimize mistakes in market entry. They can also help conduct due diligence.
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Re: Enticing Franchises - Top 9 List
- All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers...
- [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there.
To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1]
Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published.
I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee?
- Dear Colleague
There is no easy answer to this question. Things to consider:
[list=]
The sizeof the Franchise
Clent base
Expected Turnover
Intellectual Property costs (recoup)
Number of Franchises
Number of employees
Original Set up costs
Franchise admin costs
An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc
The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000.
Hope that this gives you some idea
Take care
Ian[/list]
Re: Franchise Surveys
- Another good tool to researching a franchise is to speak with their existing franchisees.
This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application.
The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc...
This information is required by Federal Law to be disclosed to your prior to making a purchase.
So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Ways to Boost Productivity
- 1. Give Employees More Than a Paycheck
2. Provide Better eSupport Channels to Promote Self-Service
3. Complete your most dreaded tasks first thing in the morning.
4. Outsource as much as possible
5. . Turn off the TV.
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