Determine if Franchising is Ideal for You
Even though you might want to want to franchise your business, it might not be viable or ideal to do so. More than just being capable of generating a profit, think in terms of your model. Can it be replicated? Can you train others to manage the business as successfully, if not more so, than you?
Those Who Can’t, Teach. You’ll be Responsible for Both
Assess your teaching abilities. What information, skills, and expertise will you have to pass on to potential franchisees. Not only will you be responsible for training them, but you’ll also have to provide a structured training program, ongoing guidance, and occasionally encouragement to succeed. Your new franchisees will represent your business, and you want to help them hit the ground running.
Secure a Trademark to Protect Intellectual Property & Make a Mission Statement
One of the most important aspects of becoming a franchisor is protecting your intellectual property via a trademark. This ensures that your “brand” is exactly that—yours. If possible, contact an attorney and see what legal measures must be taken to make sure that your intellectual property stays within the confines of your possession. Once this is accomplished, formulate a mission statement that all franchisees will be expected to follow. You’ll also need to create a strategic marketing plan that promotes franchises in their communities to their ideal demographic and generates leads.
Finalizing Any Legalities
Just like a consultation with an attorney to finalize any measure regarding intellectual property, there will most likely be some legal “fine print” that only an expert attorney will be able to look over and clarify with you. Don’t cut corners, all of these measures are important to undergo before you contact investors and candidates.
Franchise Your Business
If you feel that franchising your business might be the next step toward expansion and success, we can point you to the resources that will guide your decision-making. FranchiseYourBusiness.com is ready to assist you today. Give us a call at 833-372-6249 or request a free consultation by visiting our website.