FRANCHISINGCan your business be successfully franchised? This seems an unusual question but many companies should have explored this further before embarking on a franchisor path and spending substantial money. Many successful concepts do not suit the franchise model whereas a few do, very well. Which are you?
What makes you unique?
A fundamental question, cornerstone to successful franchising. To franchise a concept you must have something unique about your business that will attract the franchise buyer, out of the many franchises available. What is unique enough about your business that will excite others to follow your model?
Franchising: Fast growth with limited capital.
One of the most attractive features about franchising is being able to grow on the franchisee’s capital. You charge fees which generate up front growth investment without giving up equity in your parent company. The franchisee in return reduces the risk in starting up their own business.
Successful Marketing Strategies: The key to a successful system:
You must have a strong marketing plan to grow a franchise business. The how of this is critical for you and your franchisee. Much of the success of both the Franchisor and franchisee rests on marketing the system.
You must, as a franchisor register with the securities commission a circular that is to be given to the franchisee. It is costly and needs to be done right with the right legal advice. Most law firms have no experience with this and only a few are efficient and cost effective. We will direct you to these and work with you and them to effect registration needed.
Quality Control: The franchise agreement.
This sets out your expectations of standards of operating under your name. This is also very important for you customer and needs full attention before you begin.
Franchising in the United States, Canada, United Kingdom – they are all different and you need to decide where you will begin and why.
We have sources of:
Good quality legal advice, at reasonable cost.
Marketing materials and writers.