Franchising a business pros and cons So you have a successful business & are seeking to grow, possibly through…
Franchise My Business UK
Do you have a successful business and are seeking growth? If so franchising could potentially be the right route for you but, you may ask how to franchise my business UK?
Franchising a business takes time, effort and investment so before you consider franchising your business you need to be 100% committed to the process. Some of the steps you will need to take to franchise your business are as follows;
Franchise feasibility study
Before you start the franchising process you need to ensure your business can be franchised. Firstly you need to look at your own business track record including your financials. A franchisee ( the person that buys your franchise ) will have different overheads & financials to your business model so you need to be sure that the business for the franchisee is viable.
Also what area do you currently trade within? Is the business likely to be successful in different areas? If so what size do the areas need to be to support the business & will this be viable for incoming franchisees?
An extremely important consideration is can the business be transferred? Can you train & support a franchisee so they can operate the business as well as you? These are very important considerations when deciding to franchise your business but there are more and you should seek professional advice from franchise consultants prior to starting the franchising process.
So now you have carried out your franchise feasibility study & with to progress what franchise documentation will I need to franchise my business UK?
Some of the important franchising documents you will need to franchise your business include;
- Franchisor & Franchisee forecasts & assumptions – P & L & cash flow forecasts for both the Franchisee & Franchisor business models.
- Franchise legal agreements – These will include a franchise deposit agreement & franchise agreement.
- Franchise operations manual – This document details all day to day operations, contacts & procedures for the Franchisee to follow & forms part of the legal agreement between the two parties.
- Training manuals & courses to train Franchisees on every aspect of the franchise operations manual including business launch process.
- Franchise prospectus – Brochure with detailed information regarding the opportunity, investment & potential returns
- Franchise marketing & recruitment strategy – Once you have completed the documentation process you will need to find suitable Franchisees.
Within these posts you will find useful information regarding franchising your business.
Contact QFA members that are franchise consultants
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