• • • FRANCHISE TIP • • •
Transition Smoothly Into Your New Chapter: Part 1
- Get organized. Think through the process of precisely how your business works. Franchisees will need exact details and guidelines to get their businesses up and running. This process takes some time, but it’s worth it — even if you decide not to launch the franchise option, this will still ultimately help your business run more smoothly. From marketing to signage to business cards to staff training, it all has to be executed in a similar manner. Develop an operations manual to give franchisees a quick way to reference policies and best practices and create an approval process so that you sign off on major decisions.
- Hire an expert. Getting expert advice is really crucial during the franchising process. For starters, you’ll need to fill out a Franchise Disclosure Document. It has a very distinct format you need to follow, and it’s important to have a lawyer walk you through this process. You’ll need to set pricing, create a franchise agreement and determine intellectual property protection. (In addition to meeting with an attorney, the International Franchise Association also has some excellent resources.)
- Be picky. Just like dating, you should be extremely selective when it comes to choosing franchisees. It’s easy to find people with capital, but are they the right people? Do they have the right background in order to run a business? This is someone who will be representing you, so it needs to be a good fit. After all, you are in this to protect and growyour brand. Set up an interviewing process and know what your deal-breakers are.
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