Many times prospective franchisors equate having a "successful" business as proof that he or she should enter the world of franchising. However, establishing a franchise requires more than a successful business. For starters you need a business that has established and maintained proven business "systems" and "procedures". Think about your "business systems" and question yourself as to how documented and established these systems are. Also, are these systems in your head or are they written down. If they are not written down then do you
really know what they are?
Addressing this topic in a recent article, "
Carbon Copy: Turning your Business into a Franchise", Tony Eames identifies some important "checklist" factors that prospective franchisors should definitely be evaluating. Those factors, include:
- Is your business REALLY successful - and different?
- Could that success be replicated?
- Do you have a stand-out brand?
- Do you have detailed, tested business systems?
- Can your business continue to adapt, evolve and grow?
- Have you got the necessary skills and attitudes?
- Can you create a realistic marketing plan?
- As a franchisor can you keep adding value to the businesses?
- Will you have adequate financial reserves?
- Do you have access to specialist franchising expertise?
When answering these questions "don't just answer yes". Rather give some detailed thought and put in writing why your business is different and how your success may be replicated when discussing "replication" that have been clearly established, tested and proven. Most importantly these systems must be transferable and taught to franchisees.
For additional information about franchising your business request a complimentary copy of "
The Franchise Formula: A Guide to Franchising your Business in the New Economy" by Charles N. Internicola, Esq. or to schedule an appointment to speak with Mr. Internicola
contact our franchise law office (nationwide representation) at 1-800-976-4904.
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."
