If you have a small business that can be easily replicated, then franchising may be one of the best ways to expand it at a fast pace. And if you tackle it the right way, you can pump up your profitability.
Below is a list that can help you get started:
- Get organized. Think through the process of precisely how your business works. Franchisees will need exact details and guidelines to get their businesses up and running.
- Hire an attorney. Getting expert advice is really crucial during the franchising process.
- Choose well when reviewing applications. You should be extremely selective when it comes to choosing franchisees. This is someone who will represent you, so it needs to be a good fit.
- Build and protect your brand. As a franchisor, your most valuable asset is your brand; protect it at all costs. Your brand represents your culture, your beliefs, and your attitude toward your customers.
- Choose the right locations. Consider keeping your first few locations close to home, but far enough away that it doesn’t hurt sales at your initial location.
- Find a good consultant or someone with experience in franchises. There will always be people who are willing to give you advice — you just need to seek them out.
- Support your franchisees. At first, you’ll need some face time with your franchisees, as well as lots of time online and via phone. Do all you can to encourage them by celebrating victories and milestones.
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This post was written by firstdownadmin