The business world is one that’s known for being cutthroat and competitive. But you already know that. As a restaurant owner, you thrive on the challenges that you encounter daily – at least most of them. Whether it’s the competition trying to reach your customers or the challenges of making sure every meal is served, dish cleaned, and you’re properly supplied for the mealtime rush, there’s quite literally a lot on your plate. Still, you’ve found success and a loyal customer base through demanding work, perseverance and delivering great food consistently.
Maybe you’re wondering what’s next? How could you replicate your restaurant and your success in other markets? Franchising is the best business expansion tool, but what do you do to facilitate this maneuver? Let’s find out.
Be a Legal Eagle
Before you find the right people, who believe enough in your brand to invest in a franchise, there’s some legal red tape that you should address. Finding an attorney who specializes in copyright and business law should be your first step. Some entrepreneurs see the benefit of having an experienced franchise attorney on their team. You want to do whatever you can to protect your intellectual property and your brand. A lawyer can also aid you in establishing your franchise disclosure document (FDD).
Mission Statement & Operations Manual
While many people claim that lightning doesn’t strike twice, the fact that you’re taking the steps to franchise your business shows that you intend to prove them wrong. Replicating your past success means developing a mission statement. This is a stated intent of what you plan to achieve and eliminates any pretense about your goals. A well-organized, thorough operations manual is also essential. Once you have found the right people and start awarding franchises, the operations manual is the roadmap that franchisees promise to follow. This is your business model and the time-tested processes and procedures that contributed to your success. The success of your franchise units will depend on these guidelines being followed and adhered to.
Finding the Right People for the Job
Each franchise is a reflection of you and your brand. It’s important that you find the right people to award a franchise to. Many brands enlist the services of franchise consultants. They work to pre-qualify candidates and then match candidates with a franchise opportunity that meets their criteria for lifestyle, work-life balance, income and much more. Once you have met a candidate, awarded a franchise, and received the franchise fee, training the new franchisee is next. You or your team will collaborate with them to ensure the franchise gets off its feet properly. Depending on the industry, the business model, and other factors, some franchisors are more hands on, especially with new franchisees. Every franchise system is a little different.
Franchise Your Business
Franchising your current business might seem intimidating, and that’s why FranchiseYourBusiness.com is here to help. From resources, advice, and much more, visit our website at https://franchiseyourbusiness.com/ to get ahead of the game.