Expert Tips About franchising your business
If you have considered franchising as a way to expand your business, then you should seek expert advice on the issue to avoid future problems
Think through the process of how your business works. Franchisees will need exact details and guidelines to start and operate their businesses. This process takes some time, but it’s worth it. Even if you decide not to launch a franchise, this will still ultimately help your business run smoothly. From marketing to signage to business cards to staff training, it all has to be executed in a similar manner. Develop an operations manual to give franchisees a quick way to reference policies and best practices and create an approval process so that you can approve major decisions.
Hiring an attorney
Obtaining expert advice is crucial during the franchising process. It is important to have a lawyer guide you through this process. You’ll need to set pricing, create a franchise agreement and determine intellectual property protection.
You should be extremely selective when it comes to choosing franchisees. It’s easy to find people with capital, but are they the right people? Do they have the right background in order to run a business? The franchisee will be representing you, so he needs to be a good fit. After all, you are in this to protect and grow your brand. Set up an interviewing process and get to know the people whom you are going to sell a franchise.
Choosing the right locations
You should consider the locations that make the most sense for your business and take into account where your brand is already recognized. Keep your first few locations far enough from your initial location so it doesn’t hurt your sales. Choosing the right location also helps you manage logistics easily.
Building and protecting your brand
As a franchisor, your most valuable asset is your brand, so protect it at all costs. Your brand represents your culture, your beliefs and your attitude toward your customers. When you sell a franchise, you are giving new people the ability to represent your brand. This is one of the biggest risks of franchising. Clear guidelines should be established for the use of all brand assets. You want to be sure that you are sending one clear message from one clear source, and you’re your message is consistent throughout the organization. Do not overlook any detail. This can seem overbearing, but never let anyone use your brand assets in any way, no matter how small, without your prior approval. Monitor everything, pay close attention to videos and pictures, and monitor all social media outlets in a regular and detailed fashion.
Supporting your franchisees
At first, you’ll need some face time with your franchisees, as well as significant time online and via phone. Do all you can to encourage them by celebrating their accomplishments and milestones as well as by sharing useful and helpful information. Last, set up a way for franchisees to communicate with one another.