1. Assess the feasibility of Franchising
Gather information
- Attend Franchise Seminars & Webinars
- Read books on franchising
- Talk with a Franchise Analyst
- Take a Franchisability Quiz
- Looking at all of your growth options
- Grow internally
- Find investors
- Franchise
- Franchise
- Business opportunity
- Licensing
2. Meet with a Franchise Consultant
Tour the Headquarters
Are the systems in which the consulting firm follows in developing your franchise program proven - In-House vs. - Outsourced
How many years has the firm been in business
Review their client list
Call references - Why did they choose to work with consulting company
Is the work done in house by fulltime employees
Is it clear that the communication between the employees working on your program is free from barriers like: - Not working together - Having to work communicate via phone, instead of face to face - How many times a week do the employees see each other - Working at different locations
Is there a project manager to head up your project
3. Do you really want to franchise
Meet face to face with consultants at their place of business for advice
Talk with business advisors, close friends, and family
Evaluate your current resources for moving forward with franchising - Financial - People - “The heart” or Drive
4. Moving forward with franchising
Hiring a consultant and finding the right company - Do they have a proven business system - Go to place of business
Hiring a lawyer
5. Mistakes to avoid while looking at franchising
Do not make assumptions
Do not meet with a lawyer only - Legal documents do not drive the business - All lawyers claim to be franchise specialists
This is not easy to do if you have never franchised a business before
Developing a franchise company is much different than being a franchisee