The great thing about launching a franchise is that you already have the experience of putting together a business plan, the sourcing of funds and general set-up of a business. However, there’ll be plenty more obstacles in the lead up to the launch of a franchise, and certainly challenges during the signing and setting up of franchisees.
Through my experience, I would advise researching until you’re an expert and plan ahead until you know the scheme like the back of your hand:
Find your forte
Before even considering launching a franchise scheme, you need to consider your current business model and whether it’s established enough and competitive enough to work in such a model. Define your business and what it provides, and assess whether the service or product is required in other areas, or whether it’s specific to your current location.
This can be extremely difficult for some business owners, since you need to be able to take a step back and try to view the company objectively in order to accurately assess the strengths and weaknesses.
Do your research! It took me a good two years to prepare the franchise package for my company, based on my 10 years’ of experience in the recruitment industry, as well as business plans, sales, budget and financial forecast, and real figures from our accounts. This is a lengthy process and must not be rushed. Take as much advice as you can get from all available sources and become an absolute expert about your business and your industry.
Speak to your suppliers, advisers, customers and importantly, your current team. Attending networking events and trade shows are immensely useful for me as it enables me to draw on the experience that lies all around us. You also need to do your desk research and fully understand the areas you want to branch out into.
Plan a strong training programme that not only gets the franchisee owner up to speed on the business duties, but also gets them engaged and excited to be part of a successful team. The training needs to educate and inform the owner on your business’ corporate identity, working ethics, sales and delivery of the service/product, office functionality, finances, legislation, and much more. If you want this branch to represent the brand as well as you do, then training is an essential part of ensuring this.
About Beatrice Bartlay
A regularly published author of business articles.
You Tube Educator https://www.youtube.com/channel/UCUYsl3qSSjYJzWAnoJa1G7Q