skip to content
blog home Start a Franchise Increase Your Chances for Profitability When Starting a Franchise

An article by Forbes presented information for increasing chances for profitability when starting a franchise. The article provided the following points to consider when franchising a business:

  • Get Organized – Think of exactly how your systems in your business work. In order for franchisees to be successful your systems will need to have the ability to be easily replicated.
  • Hire an Attorney – Having someone with knowledge of both the legal and business aspect of franchising a business is crucial for the success of a franchisor.
  • Be Picky – When it comes to accepting franchisees it is important to not to just accept anyone. It is important to establish specific criteria for what you believe is the perfect franchisee and only accept franchisees that fit that criteria. This can potentially help avoid hiring a bad fit.
  • Build and Protect Your Brand – Once your brand has been established it is important to make sure you protect it at all costs. A franchise lawyer can help with the establishment and protection of your brand which should be done prior selling franchise locations.
  • Choose the Right Location – Consider keeping your first few franchise locations in the same vicinity as the original business location. However‚ it is important to space out the locations enough so the locations are not interfering with each others business and profits. It is also important to strategically place the franchise locations in areas that have a high amount of visibility.
  • Find a Mentor – Surround yourself with a person (or multiple people) who have been successful in franchising their business. They may able to give advice that you may otherwise have been unable to find.
  • Know How You Want to Grow – While growth is a good thing‚ it is important that the growth be controlled. Growing too quickly or growing in areas that are spread over too wide of an area can be hurtful to your franchise. Decide if you want to keep the franchise at a state level‚ nationwide‚ or international level and adjust it only when you feel it is time.
  • Support Your Franchisees – Get to know your franchisees and continue to build a relationship with them. Establishing a good line of communication with your franchisees will allow there to be less room for situations to arise that could potentially harm your franchise.

Franchising a business is a huge step even for an established entrepreneur. Establishing your business systems and brand prior to franchising a business is a necessary step that needs to occur in order to ensure success in the future.

For more information about how to franchise read The Ultimate Guide to Franchising Your Business.

Related Articles:

By Charles Internicola November 21, 2012

Franchising Guides

The Ultimate Guide to Franchising Your Business

New to franchising? Do you want to learn more about franchising your business, where to start, the steps, and how to know if you are doing it right?

Learn More

Is Your Business Franchisable and Should You Franchise?

Franchising may be the next big step for your business and represents an opportunity to grow your brand. So, how do you know if franchising is right for you? How do you know if your business is franchisable and, if it is, whether or not you should franchise your business? To answer these questions you must evaluate whether or not your business is franchisable and, if it is, whether or not your individual goals and your business goals align with franchising and establishing a franchise organization responsible for on-boarding, training, and supporting franchisees.

Learn More

Licensing Vs. Franchising

When considering expanding a business both franchising and licensing are possible options. Each option however comes with different rules and regulations. Prior to moving forward with franchising a business or licensing a business it is important to understand the differences and how each may have an affect on you.

Franchise Lawyer Charles N. Internicola wrote “Licensing versus Franchising” for the very purpose of allowing successful business owners to understand the difference between licensing a business and franchising a business.

Learn More

Guide to Selecting a Franchise Lawyer

If you have questions about franchise lawyers, what they do, how they can help, the cost, and how to select the right franchise lawyer for you, then this guide will help.

Franchise lawyers advise and represent individuals and businesses on legal issues that involve franchising a business, preparing an FDD, filing and renewing FDD registrations, buying a franchise, and litigation involving the franchisor and franchisee relationship. The role of a franchise lawyer varies depending on whether he or she represents the franchisor or the franchisee.

Learn More

Item 19 Financial Performance Representations

Check out our guide where we discuss how to plan and properly disclose Financial Performance Representations in your FDD.

Learn More

Franchise Sales Compliance Guide

Are you a franchisor or a part of a franchise sales team? Do you want to learn more about franchise sale compliance and ensure that your sales practices comply with franchise laws and are consistent with best practices? Then this guide is for you.

In this guide you’ll learn the fundamentals of franchise sales compliance including the franchise laws, regulations, and best practices that your team should have in place for every franchise sale.

Learn More
Close Overlay

Let’s Talk

With services to make your growth strategy simple, cost effective, and with a team excited to help you, let’s talk about how we can help grow your business.

Fill out the following form and we’ll contact you as soon as possible. To reach our team directly, give us a call at (800) 976-4904.