Thursday, April 17, 2014
   
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Taking the First Steps toward Franchising Your Business

Okay, so you have made the decision to start franchising your business.  The first thing you might want to do is hire a franchise consultant.  Franchise consultants can often be found on a Franchises FSBO Directory or you can ask your franchisor where to find a good one.  Why is so important to hire a good franchise consultant?   Franchises consultants play a very important role in your ultimate franchise plan, which can make or break the success of your franchise roll-out.

What should I expect from a franchise consultant?

Before you even start writing a franchise plan, your consultant should have advised you on how “franchisable” your business really is, and given you an idea of what costs are involved in franchising.  Since your initial consultation is really more of an interview, you should not be charged for your first meeting and business analysis.

An experienced franchise consultant should be able to provide you with a number of different services, including the development of a strategic plan, marketing strategies and quality control tools.  In addition, your consultant will be help you with key decisions early on, and with the ongoing adjustments to your strategic plan.

What will my strategic plan look like?

Keep in mind that every business has a different set of needs for expansion, and every consultant tackles these needs in a different way, but for the most part you should expect to get the following information from your franchise consultant. 

  • Competitive analysis
  • Industry best practices
  • Structural and/or staffing recommendations
  • Sophisticated financial analysis
  • Royalty structure

Quality control tools, including operations manuals, training videos and site selection guides are all a part of the early planning as well, but will probably not be complete until after the initial structure is laid out and approved. 

Once you have completed all of the research and made key decisions about the franchise system, it is time to start selling franchises.  Ask your consultant about using listing your franchises for sale on an FSBO directory.  Franchises often sell much faster on sites like this, and it eliminates the middle man so you deal directly with potential buyers. 

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