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Where to Begin? |
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So you’ve carefully considered your options, and you’ve decided that franchising is for you. Your business is successful, you have a service or product that will market well in other regions, and you have the time and energy to direct franchisees. What on earth do you do now?
Well, reading this book is an excellent first step. Developing a franchise can seem an overwhelming prospect, and there are complications. You mustn’t expect a smooth ride: there will be bumps and trials along the way. However, your franchise can also be remarkably rewarding, and if you’re willing to put in the time and effort, it’s well worth the difficulties! |
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Sit and Think
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Before you begin looking for a lawyer, doing market research, or contacting potential franchisees, there are a few questions you need to answer. Grab a pad of paper and a pen and jot down the answers to these ten questions:
1. Why do I want to expand my business?
It’s important to be able to state your goals and reasoning in a clear and lucid manner.
2. Who will benefit from my product /service?
This will direct your market research, as well as the individuals and locations you target for your franchise.
3. What is the current market for my product/ service? What do future trends indicate the market will be in five years’ time?
It’s essential that you be able to demonstrate to potential franchisees that they will have financial success with your product. The most compelling way to do so is trends, facts, and figures.
4. What is my vision for my franchise? Where do I want to be next year? In five years? In ten?
You don’t need a thoroughly articulated plan, but it’s useful to know where you’re headed. Otherwise, you’re flying blind. An idea of your goal will give you direction as you develop your franchise.
5. What am I completely unwilling to compromise on -- in other words, what conditions must be met to preserve my product’s integrity?
From the beginning, there will certainly be things that are important to you -- things you know must remain exactly how you’ve established them. Others you will be willing to compromise, or leave to the discretion of your franchisee. You can worry about those later. At this stage, what’s important is a clear sense of what you absolutely will not change.
6. What kind of person do I want running my franchise?
Get a vague idea of whom you want to work with. It can be tempting to leap at the first person that wants to purchase your franchise, but be sure this is someone you can have a working relationship with for the next several years.
7. How will I attract franchisees? What makes my franchise appealing?
Again, you will be marketing your franchise much as you market your product. In the end, your franchisees will work with and under you, but in the meantime, it’s your responsibility to attract them.
8. How much money am I willing to invest in this project?
You don’t need a definitive budget at this stage, but you should have at least an idea of how much money you have available. Working with no budget is a surefire way to have your expenses spiral out of control.
9. What is my business model? Can I put it down in written form?
Right now you are doing this in jot form; in the long run, it will become your Operations Manual. The basics of your business model must be crystal clear in your mind -- and you must be able to explain them to others!
10. Who will be in charge of managing the franchises? Will I do it myself, share the responsibility, or appoint someone within my company to handle franchise management?
If you plan to have someone else in charge of your franchises, you should bring them in immediately. That way, they can have input on the planning stages. After all, if you trust someone enough to put them in charge of the operation, you must value their advice on how that operation should run!
Take a Deep Breath and Pack Your Briefcase
Now that you have a sense of where you’re going, it’s time to get started. Organize your notes, organise your thoughts, and prepare to begin the journey! |
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How To Franchise Your Business Info Guide |
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Claim your FREE franchising consultation now
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Request a FREE 'Opportunity Analysis' with one of our experienced
business franchise consultants. During the analysis Franchise My Business will uncover the opportunities that exist within your business.
The detailed report will contain: |
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| Suitability for franchising |
| What you can charge for your franchise |
| The process explained |
| List changes needed to the business to enable successful franchising |
| Market analysis |
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No sales pitch - just good honest advice |
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Call 0845 020 4368 to book your free consultation |
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Our Fees
As you have seen franchising your business will generate a lot of additional cash. This option is also the quickest way to build a very profitable and high value business.
HMA Business Growth Solutions will complete 95% of the work involved in franchising the business. We will cover all legal costs (approx £5K), provide all the marketing material needed and provide a complete plan to recruit franchisees. We will also provide ongoing support and changes to the franchise system as required for a period of three years.
* £9995 + vat payable in 4 monthly payments (£2498.25 + VAT per
month).
This is a heavily discounted rate - we prefer to make the mass of
our fee by linking our fees to your success.
In addition we will: |
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| Advertise the franchise |
| Qualify the potential franchisees |
| Meet all potential franchisees |
| Any franchisees that we feel are suitable will be invited to
meet with you. |
| Close the sale and setup all legal contracts. |
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In return for handling this process and incurring many costs, our
fee will be 20% of the franchise fee. This fee will only be
payable on success.
Isn’t that refreshing - A consultancy company that links payment
to performance.
The exciting part of our service is that it won't cost you a
fortune. We mainly work by charging a small project fee and
accepting a minor percentage of the increased profits that we
create for you. |
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| We like to share in the extra profits we make for you. |
| This makes us highly motivated to achieve major increases in
profit. |
Plus—we guarantee that your franchise will be a success or
we’ll work for you for absolutely nothing until it is or we will
refund your investment.
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| We are not like any other consultancy company you've ever come across. |
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Remember - if we can’t increase your profits dramatically
We’ll work for you for nothing until we do.
The Business Franchising Specialists
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