Business

7 Steps to Starting A Franchise

If things seem to be going well with your business, perhaps you have thought about expanding. One way to do this is with the Ben & Florentine franchises for sale model; and here are the steps you have to follow when the time comes.

=Step 1: Evaluate How Ready Your Company Is?

There is a difference between willingness and readiness.  Just because you are willing (and maybe things really are working out very well), it does not necessarily mean that you are ready.  Willingness is easy to recognize, readiness, however, requires a bit more scrutiny. For example:

    • how appealing is your concept, your brand?
    • Is your growth potential reasonable?
    • Is your growth potential sustainable?
    • Can you replicate your profitability?
    • Is the market ready for a business like yours?
    • Are you prepared to teach or mentor?

Step 2: Fulfilling the Legal Requirements?

When looking into setting up a brand new franchise, you also need to study all of the legal requirements and ramifications.  These can be complicated—and lengthy—and if you do not follow them you could not only face some severe penalties but you might lose your business completely: so be thorough!

Step 3:  Select Your Business Model Parameters

While you are looking into how to file all of your legal paperwork, you should also take heed of the different business parameters you could fill. For example:

    • franchise fees
    • franchise geography
    • the size of your territory
    • the terms of your franchise agreement
    • franchise royalty percentage
    • marketing strategies
    • supply and equipment contingencies
    • type of training
    • length of training

Step 4: Paperwork

Whether you are buying into a franchise or are starting a new one completely, paperwork is essential. It can also be quite tedious. But you have to do it, so make sure that you also have someone of authority present to verify accuracy and, of course, answer any questions you might have.

Step 5: Hiring

Essentially, you need to hire your corporate team to help you manage and further develop your business.

Step 6: Sell Franchises

Once you start finding some success, this is when you can start selling your franchise.

Step 7:  Support Your Franchises

Finally, continue to support your franchises for as long as you remain involved. You can always sell your company and retire when you are ready to give up the working life.