If you’re running a successful business and happen to have your products or services in demand; chances are you might want to expand by dint of starting a franchise. While this might sound like a great idea, there are important tips you may want to consider in order to achieve this:
Organise and prepare yourself.
While you may likely reach your target consumers and location before opening your business, it remains pivotal that you think through the process of how your business works - you must have exact details and guidelines of how you would want your business to operate. This process usually takes some time and can often be gruelling, but it’s worth it. So, research your target consumers and locations before opening your business, you’ll need to investigate further to familiarise with the demands and world of franchising.
Seek legal advice
During the first phase of starting your franchise, it is imperative that you have legal support and assistance to help go through the process. For instance, you can expect to fill in the franchise disclosure document (FDD) which provides potential franchisees with everything they need to know about your company, including your sales figures and other significant information about your business.
This is a document that you will need to update annually, detailing the requirements of the Federal Trade Commission (FTC) and any other legal state documents that may be required. With all this in mind, it makes perfect sense to hire an attorney or seek legal advice to help take you through the process.
Be cautious and alert
Be picky if you must. Good capital alone will not help sustain the reputation of your brand and franchise. It is therefore important that you do thorough research about your potential buyers. Do you they the business acumen to operate a business like you would expect them to? Remember, these are people that will be representing your brand, your reputation and success of your franchise wholly depends on them as much as it does on you.
Protect your brand
If you’re starting a franchise, one of the key things to do is to protect is your brand. As an owner of a franchise, one of your most valuable assets is your brand; the success of your business depends on it. It is therefore important that you protect it at all costs. This is a step you simply cannot ignore. Your brand speaks volumes to your business culture, your beliefs and attitude towards your customers. It is very important then, that clear guidelines are established for the use of all the brand assets.
Get a mentor
Finding a mentor is probably one the wisest things you can do for yourself when you start a franchise. It is always good to get expert advice about business matters that may be overwhelming or just too complicated for you to fathom. There will always be people who are willing to give you advice -- you just need to seek them out. After all, it always good to know that you are not alone - every business owner needs some sage and sound advice once in a while, and the best people who are able to provide with this are good mentors.
Back your franchise 150%
In the beginning, you might need to constantly keep in touch with your franchisees, so effective communication cannot be rooted out. Keep abreast with the progress or any new developments your franchisees are making. Encourage them if you must. Give them a pat on the back for a job well done. Share with them any useful information that you deem might be helpful to them. And lastly, and very important, too, find a way for your franchisees to communicate with one another.