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How To Franchise ?

How To Franchise ?

 

For budding entrepreneurs entering the franchise business appears to be an uphill battle. Many questions come to mind. Franchising your business is one of the best ways to expand your monetary resources. You can approach local investors and seek advice but there are always some questions that pop up in your mind.

  • Financial Stability
  • Credibility of the brand
  • Future Plans
  • Training
  • Marketing
  • Legalities

How To Franchise My Business?

Franchising is a big concept and does not guarantee success. The willingness of a franchisor, technical support offered to the franchisee, franchise contract offered, support in site selection and many other parameters are involved in a franchise process. Franchisors can sign up on franchisingroots.com and avail our franchise consultancy and marketing services. From creating the perfect business model to lead generation, Franchising Roots is a one stop solution for all your franchising needs.

  • Evaluate If Your Business Is Ready -: As a franchisor, you must analyze whether your business is ready to be franchised. If a brand that has been in the market for close to 2-4 years is generally considered the right time for it to franchise. Check your financial credibility and try to replicate the same principal that has helped you achieve success thus far. But you have to be ready for change and finding the right franchisee plays a key role in calming down all this chaos.
     
  • Learn The Legal Requirements -: Prepare your Financial Disclosure Document and register it with the Federal Trade Commission. An FDD consists of a wide range of information including audited financial statements, an operating manual, training details and description of the management team`s business experience. The franchisee agreement must contain all details about the length of the agreement and its renewability.
     
  • Choose The Right Locations -: Choosing the right locations with access to an airport or a mode of transport can help a lot. The initial franchise locations should be closer to your home or current business so you can access your site and inspect the locations from time to time. Find a way to manage your logistics easily.
     
  • Support your Franchisees -: You need to be in constant touch with your franchisee including one on one interaction with them. Keeping in touch with them over the phone and via skype is very important. Your goals need to be aligned as you are adjoining your brand logo with a prospect investor. Celebrating victories together and bonding as a team goes a long way. Offer proper training programs  which can help create quality control and build on the standards you have built for your brand.