FRANCHISING YOUR BUSINESS Are you ready for franchising?
IS YOUR BUSINESS READY FOR FRANCHISING? Is it possible to franchise a non-existent business ora seemingly soundbusiness purely on paper?
IS YOUR BUSINESS READY FOR FRANCHISING?Your business shouldhave at least one (1) unit operating successfully and profitably. However, it is preferable that your business has 3 or 4 units, or a coverage of a substantialpopulation or territory.
IS YOUR BUSINESS READY FOR FRANCHISING? You should have a registerable trademark for your business. If you sell a product, you must register a trademark; if you sell a service, you register a service mark. This is essential since your goal is to have an identifiable brand.
IS YOUR BUSINESS READY FOR FRANCHISING? The business should have a long-term market potential. Try to make a reasonable assessment that the business product or service will be in demand for at least the next 5-10 years
IS YOUR BUSINESS READY FOR FRANCHISING? The operation of the business must be teachable. Franchisees may have no prior knowledge of the business. Many businesses are not transferable to others.
IS YOUR BUSINESS READY FOR FRANCHISING?The business owner should be sufficiently capitalized. Expenses for legal & consulting fees, formulation &implementation of training programs, standard operating manuals, and additional hiring of employees will be incurred.
JUST HOW DO WE KNOW… If people have been inquiring about buying a franchise of your quality product or service, this is a good indication of the start of a franchisable system.
13 Steps to Franchising your Business1. Develop a Franchise 8. Standardize and document Business Plan your operating procedures2. Register your Trademark/s 9. Develop a comprehensive or Service mark/s program to train franchise managers and employees.3. Retain a Franchise Attorney 10. Develop a team for opening new franchise4. Prepare your information stores for your legal documents 11. Develop and implement a5. Develop your franchise detailed plan to your documents franchises6. Professionalize your 12. Help franchisees with site identity and establish a selection consistent look 13. Support and monitor your7. Plan your advertising franchisees strategy
Criteria for Franchisee SelectionOverall Business Willingness to relocateExperience Successful CompletionFinancial Qualification of TrainingProven Track Record Long-Term CommitmentEntrepreneurial Spirit Understanding theAgreeing with the Concept of FranchisingFranchiser’s Philosophyand Values Willingness to Work with PeopleWillingness for full-timeto operations
BUSINESS ETHICS A business that makes nothing but money is a poor kind of business. - Henry Ford -
FINAL REFLECTION1. The most important lesson that I have learned in this class is . . .2. I wish we dwelt more with the topic on . . .3. This class could be improved by . . .4. My teacher is . . .THANK YOU VERY MUCH FOR A FRUITFUL LEARNING EXPERIENCE