This is not an easy question and, quite frankly, a question that should prompt significant research and investigation on your part. Like many other successful entrepreneurs that have experienced success - real success- you may be inundated with inquiries and requests for information about your business. Before doing anything it is critical that you "take a step back" and consider whether or not Franchising is right for you. One way to make this evaluation is to consider some of the tasks and obligations that you must undertake prior to Franchising. These tasks, include:
- Development of a Franchise Plan - a franchise plan will include specifics for you franchise including the franchise fee and royalty amounts that you wish to be associated with your franchise
- Develop an Operations Manual and Training Programs - your franchisees will need something to go off of in order to replicate your business' success. One way to do this is by training the franchisees and also having a specific operations manual to map out how the franchise locations should be run.
- Registration and Evaluation of your Trademarks - your intellectual property needs to be registered when franchising your business because franchising your business will include the franchisee buying the rights to use your established trademark and/or brand name.
- Development of your Disclosure Documents - as a franchisor you are required to have both a franchise agreement and a Franchise Disclosure Document to provide to prospective franchisees. These documents should be prepared by a franchise lawyer and must be registered with the appropriate authorities. Depending on which state you live in the FDD must also be filed with the state.
For more information on "how to franchise your business", you may request a complimentary copy of Charles N. Internicola's Franchise law report. In this frequently requested report you will be provided with important information about the steps that you must take (now) before starting a Franchise. For a complimentary copy call 800.976.4904 or request a copy by email.
Category: Franchisor Services
The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you
and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. Further you acknowledge that any and all citations to cases and statutes must be independently verified by competent legal counsel to confirm the validity and accuracy of such information. The content of this site is subject to the Copyright of its author and owner, Charles N. Internicola, Esq.
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."
