When considering how to franchise your business, there are many aspects involved in franchising, including legal, operations, advertising, marketing, sales, training, support and communications. Understanding the entire process of developing a successful franchise operation is extremely important when evaluating franchising your business. To assist you, we’ve written a comprehensive guide concerning the franchise development process.
The “How to Franchise Your Business” Guide
Our guide includes detailed information concerning the following:
Determining the Best Method of Expansion
When considering franchising a business, it is important to begin by carefully analyzing the various expansion methods.
Determining the Franchise Structure
The franchise development process begins by examining the existing organizational structure of the company prior to determining the franchise business model.
Franchisees may be required to provide information to the Franchisor regarding sales, financial data, income and sales tax returns, and other information specified by the Franchisor.
Preparing the Franchise Operations & Policies Manual
A comprehensive “Operations & Policies Manual” is one of the most effective methods of conveying policies, procedures, and operating instructions to new Franchisees.
Establishing the Initial Franchise Training Program for Franchisees
It is important to establish the initial training program for Franchisees and their manager/employees. This includes producing a training itinerary that outlines the training content, hours devoted to each topic and other related information.
Establishing Franchise Communication & Support Programs
Determine the types of support services that will be provided to Franchisees during the pre-opening period and once the franchise is operational. Also consider additional support services that may be provided as the franchise network grows.
Establishing the Franchise Advertising & Marketing Plan
A successful franchise advertising and marketing plan includes, but is not limited to, an advertising budget, franchise advertising and marketing programs, advertising vehicles to promote the franchise opportunity, advertising rates, and franchise advertisements.
Establishing the Franchise Sales Development Process
An important step in the franchise development process is to establish appropriate franchise sales procedures for the franchise operation.
Qualifying Prospective Franchisees
It is important to qualify prospective franchisees during the franchise sales process to ensure it is a good mutual fit for both the prospective franchisee and the Franchisor.
Franchise Grand Opening Support
It is important to provide new Franchisees with onsite operational support and/or additional franchise training during the pre-opening and grand opening periods.
Ongoing Oversight & Support
As a Franchisor, it is crucial to provide your Franchisees with ongoing operational support and advisement.
Learn more with our detailed “How to Franchise Your Business” Guide.
Contact our franchise specialists to learn how FranSource can help you franchise your business successfully and confidently.