You can expand your business rapidly by starting a franchise. Like becoming a franchisee, a franchisor seems to be a way to cheat the struggle. It’s attractive but if you join the party without understanding the basics you’ll have an awful time.
Last time I was asking you to consider being a franchisee. Today, it’s all about being a franchisor. Some have issue with losing control of business strategy and want to be the whip cracker in franchise business.
First of all, you should ensure that your business is capable of being franchised. Your business model must be easy to replicate. This afterall is the point of striving for rapid expansion of business through this format. If the franchisees can’t do it as easily as you do it, it will end up frustrating everyone. It will make your dreams invalid as well.
After ensuring whatever you’re doing is right, get to point number two. Test just how possible it is to replicate your business model. The new outlets will enable you smoothen interoperability between you and prospective franchisees. It is the mirror image of how heels look on feet and how they actually feel to put on.
Franchise is unlike other businesses. Thus, you’ll need to leave things to the professionals. Consult from the best you can to avoid hiccups with the franchisees. Legal and accounting assistance should be your priority. These will help you set up the best possible franchise systems for your business model; what agreements to be signed and what not.
Through consultations you’ll learn how to deal with franchisees. I can best describe them as really powerful employees. So don’t treat them like employees. A good relation with a franchisee will validate the handoff approach of franchise business. Ensure the support mechanisms are there and restrictions are clearly defined.
Lastly, have a liking for top notch things. It takes time to market and establish a brand attractive enough for entrepreneurs to buy into. So don’t cut corners. Go first class when it comes to marketing, training, PR and advertising.