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Do You Own a Business that Can Be Franchised?
Franchising allows smaller companies to effectively compete with larger competitors. As a growth strategy, franchising provides you with the ability to gain market share by increasing your points of distribution (your units). Compared to other business expansion models, franchising allows you to expand faster with minimal capital, as investment at the unit level is covered by your franchisees. Your brand’s growth won’t be limited to one or two cities – franchising offers the opportunity to have multiple units throughout the world.
In order to franchise your business, you must have a successful business concept/prototype as well as be able to demonstrate that it can be replicated. Often times, the success of a business can be dependent upon its location or the staff. The fundamental principal for the success of a franchise is its ability to replicate its success.
Once these fundamentals are covered, you must determine initial franchise fees, royalties and advertising fund fees. In addition, you will need to develop several documents including your operation manual, franchise agreement, disclosure documents, training materials and more.
Get the best help possible
When franchising your business, it’s important to have the expert support of professionals who specialize in franchising. These franchise support services include:
Experts in franchising who can lead you, step by step, through the process of franchising your business.
Lawyers who specialize in franchising will be able to advise you of any legal requirements as well as assist you in developing your franchise agreement and disclosure documents.
Financial experts will help you develop a financial model that includes cash flow projections and your royalty structure. They will also analyze your business to determine if the projected revenues will be sufficient to provide a profit for your franchisees and a royalty for you.
As specialists in marketing a franchise system, marketing consultants can help you develop your brand through a marketing plan, which details how you will expand your system and introduce your brand in new markets through advertising.
Prepare yourself for success
Attending CFA’s How to Franchise Your Business seminar will give you the knowledge and tools you’ll need to get started successfully. This unique, one-day session covers valuable, up-to-date information on franchising a business and provides the opportunity to speak with expert session leaders and receive free legal and financial advice. To complement your learning from the seminar, you will also receive a complimentary Resource Package designed to help you build your franchise.
Seminar topics often include:
- How to attract the best franchisees
- Strategies for marketing to potential franchisees
- Legal aspects in franchising and how to avoid the pitfalls
- How to finance the start up of your franchise system
- Tips and advice from successful franchisors