Franchising is a huge topic and you must have lots of questions. Here are the most common ones we get asked, but there’s room for plenty more if we haven’t answered yours. Get in touch and we’ll answer you directly. Then add it to this list, of course.
Got something on your mind about franchising?
Why should I franchise my business?
Franchising is a great way to expand your brand without the added hassle of running the new businesses. Franchising gives you control of how your brand is represented and enables you to choose the right type of people to represent you in other areas. It gives you access to leaders and other entrepreneurs who are prepared to invest financially and emotionally in your company to help it to succeed.
How can I turn my business into a franchise?
Find a good franchise strategist that understands how the model works and can advise you on what to do next. A good franchise coach will empower you to understand how the model works, how the model can fit around your business and what your responsibilities are as a franchise owner. There are certain documents that you will need to be able to offer an ethical franchise opportunity and it’s important that you work with somebody who can show you what they are and how/when to use them.
Can you hire someone to franchise your business for you?
Yes! A franchise coach/strategist can help you to franchise your business, this should never be done FOR you but WITH you. This is your business, and nobody knows it better than you. Work with somebody who respects your individuality and adapts to fit the model around you.
When should I franchise my business?
A business should wait until it is financially viable and turning over a profit before it considers the franchise model. The recommendation is at least twelve months.
How do I prepare my business for franchising?
There are a number of ways to prepare your business for franchising: • Do your research: find a franchise coach who you feel comfortable working with, with a background in franchising their own business or others. • Ask a franchise accountant to look over your management accounts to check the business is financially viable to franchise. • Consider your systems, would they work as a franchise? • Start to surround yourself with the right people. Ethical franchising is about being transparent and giving the correct information to franchisees. • Find a good franchise lawyer • Trademark
How do I sell my franchise opportunity?
There are many ways to sell and advertise a franchise opportunity. It all starts with the franchise prospectus, this can then be used as your “shop window” and lead generator. A franchise is a big commitment and your marketing should be focussed around building relationships and showing prospects how good your brand is.
Is it better to start my own business or franchise?
It depends on the type of person you are. If you want to be in business for yourself, but not by yourself then franchising is the perfect option. It also doesn’t suit everybody.
How much does it cost to franchise my business?
How long is a piece of string! Consultants are charging all sorts of prices. It’s the quality of the teaching/work that counts.
Can I franchise my small business?
Yes! If the financials work and the business can be replicated in other areas you can franchise your business.
What are the risks of franchising my business?
Brand damage. It’s vital to ensure that you have a robust training and selection plan in place… the onboarding process is SO important! Your legal doc also needs to be watertight to protect your reputation and brand.
Is it easy to franchise a business?
It’s a simple model but I feel a lot of consultants make it look difficult. If it’s taught to you in a way that you understand, the model is exciting and adaptable.
What types of business can be franchised?
I feel that any business that can be replicated and turns over a good profit can be franchised. The model is adaptable and can fit into almost any existing business model that suits the franchisor.