How to franchise your business
If you are considering franchising your business you are about to consider a widely used, proven and dynamic method of expansion.
As a successful business owner, you must first determine if franchising is the right option for you to consider, keeping in mind your specific business, the overall goals and your corporate vision. You can look through our 9 Point Checklist for Franchise Readiness to find out if your business is be ready to be franchised. Though this may not guarantee success it will definitely show you the way. Here you may also want to evaluate alternate strategies apart from franchising as a mode to expansion and evaluate the best business return.
It is important to understand the requirements of becoming of franchisor; What are the resources to be planned for this expansion, the financial requirements, the infrastructure required and to study the barriers and risks involved. If you already have a franchise team in place you can involve them or you may choose to enlist our help to help you walk through the entire process. We coach and develop franchise business outfits in their growth into profitable business entities.
Next, it is time to outline the company’s growth and strategy for the future and ensure that these can be seamlessly integrated into the existing organization. A strong Business Plan will hold you in good stead as it will lay the foundation to your franchise business. Needless to say, a strong foundation will result in a strong structure. A good business plan will consider resource availability and leverage current strengths and identify areas for development.
Having done this and now that you are convinced that franchising is the way ahead you need to build a suitable franchise model. What will your brand policies and procedures be? What will your offering for the Franchisees be? How will you determine territories and exclusivity? What will be the Franchise fees/royalties to be charged? What will be the franchise selection criteria? What kind of training support will be provided? We will help you create the system that is appealing to would-be franchise owners to ensure a win-win situation for both the franchisor and franchisee.
With a franchisee model in hand now it’s time to design a specific marketing plan to reach the targeted franchise prospect. How will you find leads and reach out to the correct franchisee profile? Does your marketing plan differ in different markets and geographies? What is the communication material to be used to market your franchise? What are the channels to be used to generate leads? We understand this process and you can leave this job to us while you can focus on doing what you do best – and that’s running your business.
Start also to build on your operation manuals and franchisee training modules. Based on the nature of your business you will decide how the training will be conducted. Will they be at your location, through videos, or game tools? What would be the duration of training and the frequency of it, etc. We can help you design effective tools to prepare your franchisee for success, conduct soft skill training and evaluate how effective the outcomes are. After all, your franchises are dependent on you to receive the right business inputs, to be able to duplicate your business success in their localities.
Along with the above, you will also have drafted your legal documents, registrations, and franchise agreements. You can take the help of a legal attorney or contact us to help you through this process.
As a new franchisor, you need an experienced team to help you develop and implement of all the diverse needs for creating a new franchise organization. Often new franchisors hire a few people and then expect them to handle all the requirements, or do it all themselves. Which always doesn’t work out as planned, resulting in failure. Now you have an option of using the Retail Connections experience across all your franchise development needs. Our experienced team brings to the table rich franchise experience to help your business grow.
To put it in short, we start by helping you find out if your business is fit to become a franchise and work with you to build up your infrastructure. Not only do we know how to franchise a business, but also how to further strengthen your franchise. We work side by side with you as you build up your brand, then assist you through the marketing and sales process to find and sign on motivated partners, keeping your brand growing and strong both in domestic and international markets. We work towards building robust franchise channels for long term growth.
So, quickly fill in the contact form and we’ll get in touch with you.