Introduction
Franchising your business is a great way to expand, even into a global brand. To ensure that you have a successful journey ahead it is vital that you plan every step of the way. Follow our A-B-C-D-E-F acronym to be prepared.
Always Be Organised
It is essential that your franchisees understand how your business operates as a whole. In doing so, you need to ensure that you are organised in providing them with accurate details and guidelines. Therefore, developing an operations manual may be what you need. This will act as a reference point for your franchisees to view your policies and understand best practice. You should aim to have it written in simple words and sentences. Avoid using jargon.
Be Prepared to Support Your Franchisees
You need to make sure that you are always prepared to support your franchisees. During the initial stages of this process, allocate time to meet with your franchisees face to face. Once a franchise is up and running then you must also ensure that you are contactable over the phone and online.
Consult a Lawyer
You will also need to consult a lawyer that can give you advice on your franchising plans. This is important for two main reasons. Firstly, you need to protect your intellectual property. If you do not chase this up then your business’s ideas can be stolen from underneath your nose. Secondly, you need to have the necessary contracts drafted. These documents will detail the rights and responsibilities of each party signing the contract. This includes, but is not limited to, your disclosure agreements and franchise agreements that outline the key functions of the franchising process.
Develop a Marketing Strategy
Decide on how you will market the franchising of your business. For this you will need to choose the type of customers that you will want to attract. Once you have made this decision, you will need to ask yourself how you will promote this. Will you be putting a promotion on your website? Will you use social media? Are you going to pay for a newspaper advertisement? Will you mail out flyers?
Ensure That There is Adequate Training
Developing an operations manual is fairly pointless if there is no training to coincide it. It is therefore essential that your franchisees receive training before the initial trading period. Have a clear training plan and determine whether or not you will be employing an external trainer. It is important that your training sessions are thorough and universal. This will ensure that your business’s operations remain consistent across all of the branches.
Franchising Code of Conduct
You should also read up on the Franchising Code of Conduct. This outlines your franchising rights and responsibilities as a franchisor, such as cooling off periods and disclosure of information.
Conclusion
As seen from above, beginning your franchising process involves a number of steps to ensure that you and your business are protected throughout the entire process. If you are ready to take the plunge then we are here to help. We can assist you in creating contracts and protect your intellectual property. Additionally, we can link you to lawyer that can help you throughout the entire process.
